Business
India posts record-breaking data for GDP growth of 6.1% in Q4 and 7.2% in FY23.
New Delhi: With all engines firing, India keeps up its run of consistently outpacing global economic growth. The GDP for the March quarter outperformed forecasts with a 6.1% growth, which helped raise the annual growth rate to 7.2%.The Indian economy is currently worth USD 3.3 trillion as a result of this.
In the final quarter of the 2022–23 fiscal year, January–March, Asia’s third-largest economy outperformed all forecasts by expanding by 6.1 percent, up from the previously reported 4.5 percent.
Agriculture grew by 5.5%, while manufacturing increased by 4.5%, both of which contributed to the rise. Other economic sectors, including mining, services, and construction, also had strong development.
The economy grew by 6.1% in the quarter ending in March 2023, 6.2% in the quarter ending in July-September 2022, and 4.5% in the quarter ending in October.
According to figures supplied by the National Statistical Office (NSO), growth between April and June 2022 was 13.1%.
The growth has been updated to 7.2% for the entire 2022–23 fiscal year (April 2022–March 2023), which is higher than the original prediction of 7.2% but lower than the 9.1% expansion in 2021–22.
This enabled it to keep its title as the rising economy with the quickest growth. In the first three months of 2023, China had growth of 4.5%.
High-frequency indications indicated that the economy picked up steam in April as a result of increased tax receipts and a thriving services sector. However, a drop in imports and exports clouded the outlook. India’s economy may grow faster than the initial prediction of 6.5% for the current fiscal year (April 2023 to March 2024), barring monsoon and geopolitical uncertainties.
Despite global constraints, Sunil Sinha, Principal Economist, India Ratings and Research, stated that the Indian economy’s resilience is demonstrated by the growth momentum seen in FY23.
“However, as long as private final consumption expenditure (PFCE) does not fully recover and become broad-based, the road ahead will not be straightforward. In fact, due to strong inflation, real pay growth became almost flat or even turned negative in some months of FY23.
Follow- dfoxmarketing.com for more such articles and updates.
Business
ShareChat Secures Nearly $49 Million from Key Investors: Report
ShareChat Secures Nearly $49 Million from Key Investors: Report
SharingChat, a social media site, has secured $48.8 million from its current backers, Temasek and Lightspeed, through convertible debentures.
Citing ShareChat’s regulatory filings, startup news website Inc42 stated on Wednesday that the fundraising round will assist ShareChat in “navigating the path to profitability in the next 12 to 15 months.”
The report also stated that the company is supposedly in talks with investors for a larger equity investment round.
To date, ShareChat has raised more than $1 billion in investment.
It was reported in December of last year that ShareChat planned to raise as much as $65 million from current investors.
The investment round was expected to include participation from current investors like Temasek, Tiger Global, Google, Lightspeed Ventures, and others.
As part of a strategic reorganization, ShareChat let go of 200 workers in December, representing around 15% of its total employment.
Also Read: Sergey Brin Personally Urges Google Employee to Decline OpenAI Job Offer
The decision, according to Mohalla Tech, the parent company of ShareChat and the short video entertainment app Moj, indicates the firm’s commitment to attaining profitability within the next four to six quarters and simplifying its cost base.
ShareChat’s sales increased by 62% to Rs 540.21 crore in FY23, but its net loss increased to Rs 4,064.3 crore from Rs 2,941.5 crore in FY22.
You must be logged in to post a comment Login