The “hand of government” was the main driver behind the rise in January-March GDP growth to 7.7 per cent — the fastest pace in seven quarters — as exports and private consumption disappointed, says an HSBC report.
India retained the tag of the fastest growing major economy in the March quarter on robust performance by manufacturing and service sectors as well as good farm output.
According to the global financial services major, “the hand of government” lifted GDP growth. The report cited four key drivers for the rise in growth print — core GVA (Gross Value Added), the public spending component of GVA, construction, and rise in central and state government fiscal deficits. Read More
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