India's economy grew at the fastest pace in four quarters - at 7.8 per cent in the April-June - period of FY24, which is a little below the central bank's estimate, aided by a supportive base along with a robust increase in investment.
The Reserve Bank of India (RBI) had estimated gross domestic product (GDP) to grow by 8 per cent in Q1 of FY24 while a Bloomberg survey put it at 7.8 per cent.
The data, released by the National Statistical Office, showed the services sector lifted growth during the quarter, with the economy now 13.8 per cent larger than the pre-pandemic first quarter of FY20 in real terms.
However, analysts fear rising interest rates, a weakening monsoon, and depressed global demand may slow economic growth for the rest of the financial year.
D K Joshi, chief economist at CRISIL, said the first of quarter FY24 was likely to see the highest growth this financial year.
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