AP

India quarterly growth rises to 13.5% after pandemic slump

Aug 30, 2022, 6:36 PM | Updated: Aug 31, 2022, 6:56 am

NEW DELHI (AP) — India’s economy grew by 13.5% in the April-June quarter from a year earlier, pushed up by a boost in agriculture and manufacturing as pandemic curbs eased, official figures released Wednesday show.

The jump follows a 4.1% slump in the January-March quarter, but is lower than the 20.1% annual growth registered in the same quarter the previous year.

However, economists have cautioned that the growth this quarter may be followed by a slowdown. In July, the International Monetary Fund revised its growth forecast for India from 8.2% to 7.4% for the current fiscal year, which began in April.

Despite the revision, India would still be among the fastest-growing major economies in the world.

The double-digit growth in the April-June quarter comes at a time when the global economy is under strain, with major countries such as the United States and the United Kingdom facing high inflation. Prices have been rising as Russia’s invasion of Ukraine continues, triggering increased prices for energy and food.

India’s economy, Asia’s third largest, had been recovering from a pandemic-induced slump when a surge in omicron-fueled coronavirus cases starting in January prompted authorities to bring back some virus-related restrictions.

Multiple waves of COVID-19 outbreaks have badly hit India’s large informal sector, with unemployment rising to nearly 8.5% in August, according to data from the think tank Center for Monitoring Indian Economy.

India’s central bank projected inflation at 6.7% this fiscal year and raised its key interest rate by 50 basis points to 5.4%, in its third such hike since May.

The economy expanded by 8.7% in the previous fiscal year after contracting by 6.6% in fiscal year 2020-21.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Photo: A delegate wears a hat with pins during the Republican National Convention Monday, July 15, ...

Christine Fernando, Steve People and Jill Colvin, The Associated Press

Rep. Walsh speaks for Washington as cheering GOP delegates nominate Trump for president

Cheering GOP delegates formally nominated Donald Trump for president at Monday's Republican National Convention kickoff.

5 days ago

Photo: Sen. J.D. Vance, R-Ohio, right, points toward Republican presidential candidate former Presi...

Jill Colvin, Julie Carr Smyth, Steve Peoples and Zeke Miller, The Associated Press

Trump picks Sen. JD Vance of Ohio, a once-fierce critic turned loyal ally, as his GOP running mate

Donald Trump named Sen. JD Vance of Ohio as his running mate, choosing a onetime critic who became a loyal ally.

6 days ago

trump assassination...

Ayanna Alexander, The Associated Press

What to know about Trump assassination attempt and the investigation into the shooting

Authorities want to know how a shooter was able to get on top of a roof so close to where former President Donald Trump was speaking and open fire.

6 days ago

Photo: Republican presidential candidate former President Donald Trump is surrounded by U.S. Secret...

Julie Carr Smyth, Jill Colvin, Colleen Long, Michael Balsamo, Eric Tucker and Michelle L. Price, The Associated Press

Trump heads to convention as authorities investigate motive, security in assassination attempt

Trump called for unity and resilience after an attempt on his life added fresh uncertainty to an already tumultuous presidential campaign.

6 days ago

Photo: President Joe Biden speaks from the Roosevelt Room of the White House in Washington, Sunday,...

Will Weissert and Zeke Miller, The Associated Press

In primetime address, Biden says country must not go down road of political violence

President Joe Biden says “we can’t, we must not go down” the road of political violence in America after the attempted Trump assassination.

6 days ago

Photo: President Joe Biden speaks at a news conference following the NATO Summit in Washington, Thu...

Zeke Miller, Seung Min Kim, Lisa Mascaro and Colleen Long, The Associated Press

Biden says during news conference he’s going to ‘complete the job’ despite calls to bow out

Biden used his highly anticipated news conference to deliver a defense of his policies and batted away questions about his ability to serve.

9 days ago

India quarterly growth rises to 13.5% after pandemic slump