ECONOMY NOTCHES 9.3% GROWTH IN QUARTER 1

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The government has said that the country’s economy grew by 9.3% in the first quarter of the fiscal, while overall industrial growth was 9.6% during the first four months of the financial year. In its monthly economic statistics for August, the government said that core infrastructure sectors achieved an average growth of 6.1% in the first four months of the fiscal as compared to 8.7% in the previous corresponding period.

Exports grew by 18.2% in dollar terms during the fiscal’s first four months, while imports grew by 30.7%. Forex reserves (excluding gold and special drawing rights) stood at $221.51 billion at the end of August. The wholesale price index-based annual inflation rate was 3.52% for the week ended September 1, as compared to 5.34% a year ago. The monsoon rainfall from June 1 to September 5 was either normal or in excess in 86% of meteorological subdivisions. Tax revenue (net to centre) was higher by 25.6% in the first four months of the fiscal compered to that of the previous comparable period. Fiscal deficit increased by 49.8% in the first quarter compared to the previous corresponding period, while revenue deficit was higher by 5.4%.

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