? Cool Title, but what’s the news?
India retained its position as the world’s fastest growing major economy in the January-March quarter, well ahead of China.
? Okay, but what does it mean?
India’s GDP or gross domestic product growth accelerated to 7.7 per cent in the March quarter – the fastest pace of growth in seven quarters. Strong growth in agriculture (4.5 per cent), manufacturing (9.1 per cent) and construction sectors (11.5 per cent) contributed to the overall growth.
? Why should I care?
The biggest risk to India’s GDP growth, and your pocket, right now is the crude oil prices in the world. With the prices being at an all time high, the government is under pressure to reduce taxes on oil. Your demand of daily commodities will be affected by India’s GDP growth in the long run, and the fact that it’s growing fast is great news!