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Business News/ Economy / India's Q2 GDP number will surprise everyone: RBI Governor Shaktikanta Das
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India's Q2 GDP number will surprise everyone: RBI Governor Shaktikanta Das

Shaktikanta Das said that geopolitical uncertainty is the biggest risk to global growth but was quick to add that India is better placed to deal with any potentially risky situation.

Reserve Bank of India (RBI) Governor Shaktikanta Das (ANI)Premium
Reserve Bank of India (RBI) Governor Shaktikanta Das (ANI)

RBI Governor Shaktikanta Das on Tuesday said the growth momentum in the economy continues to be strong, and that the GDP number for the second quarter will surprise everyone on the upside. Shaktikanta Das said that geopolitical uncertainty is the biggest risk to global growth but was quick to add that India is better placed to deal with any potentially risky situation.

Speaking at the annual BFSI Insight Summit organised by Business Standard, Shaktikanta Das said the Reserve Bank of India (RBI) is watching the issue of attrition at some private sector banks “closely".

In the comments that come amid some major banks reporting attrition rates of over 30 per cent, Das said every bank has to build a core team to take care of such issues.

He also said that the career outlook of youngsters has changed with regard to job switching and added that the youth is "thinking differently" on the aspect now. He said that the RBI is looking at the issue as part of the regulatory supervision efforts.

India recorded GDP growth of 7.8 per cent during the April-June period of 2023-24, the highest in the past four quarters, on the back of double-digit expansion in the services sector, retaining its position as the world's fastest-growing major economy.

The Gross Domestic Product (GDP) recorded a growth of 13.1 per cent in the first quarter (Q1) of 2022-23, 6.2 per cent in the second, 4.5 per cent in the third and 6.1 per cent in the last quarter.

India's 7.8 per cent GDP growth in the April-June quarter is higher than the 6.3 per cent recorded by China during the same period.

According to the National Statistical Office (NSO) data released on Thursday, the agriculture sector gross value added (GVA) recorded a growth of 3.5 per cent up from 2.4 per cent in the April-June quarter of 2022-23.

The expansion in 'financial, real estate and professional services' GVA was 12.2 per cent, up from 8.5 per cent in the year-ago quarter.

A growth of 9.2 per cent has been witnessed by 'trade, hotel, transport, communication and services related to broadcasting sector', though lower than 25.7 per cent expansion in the year-ago quarter..

The manufacturing sector GVA too decelerated to 4.7 per cent in the first quarter of the current fiscal compared to 6.1 per cent in the year-ago period.

"Real GDP or GDP at constant (2011-12) prices in Q1 2023-24 is estimated to attain a level of 40.37 lakh crore, as against 37.44 lakh crore in Q1 2022-23, showing a growth of 7.8 per cent as compared to 13.1 per cent in Q1 2022-23," NSO said in a statement.

It further said the nominal GDP or GDP at current prices in the first quarter of 2023-24 has been estimated at 70.67 lakh crore, as against 65.42 lakh crore in the year-ago period, showing a growth of 8 per cent as compared to 27.7 per cent in Q1 2022-23.

*With agency inputs

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Published: 31 Oct 2023, 06:57 PM IST
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