New Delhi: India’s GDP would experience a notable uptick, reaching 8% in the fiscal year 2023-24, reveals a research report published by the State Bank of India (SBI). The Economic Research department at SBI has predicted a GDP growth rate of 7.4% for the quarter ending in December.
The research highlights how global economic resiliency may help India’s economy grow. The data shows that both the urban and rural areas have been steadily growing. Vehicle sales, airport traffic, GST revenues, credit card transactions, gasoline usage, and toll collection are all signs of economic vigor in urban areas.
Diesel consumption and two-wheeler sales have also seen significant rises, which bodes well for rural economic indicators.
This upbeat prediction puts India in good shape for the upcoming fiscal year, suggesting that the country’s urban and rural areas are each making solid contributions to its economic growth trajectory.
“Gross Domestic Product (GDP) stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity,” said an expert.
