Er. Rajesh Pathak
Recently the data of third quarter (Q3) of the financial year 2023 -24 has been realised .GDP growth is declared to have achieved 8.4 % mark !Notably, the GDP comes out according to the universal practice by the summing up of the private consumption; government expenditures , particularly in the distribution of salaries and constructions and building infrastructures ; net export( export- import) . The calculation is done by the simple norms in vogue of comparing it with previous year’s (here, 2022-23 ) same 3rd quarter (Q3) composed of the months October, November, December . Report says that in the current GDP growth the consumption constitutes 25.60 lakh crore rupees; while the greatest boost came from investment with 14.80 lakh crore rupees, attributive of investors’ booming sentiments towards Indian economy, contrary to the critics and more particularly Rahul Gandhi’s much day-night hyped recession in the market. On the other hand , the total spending done by the government came out to be 3.4 lakh crore rupees. Previous financial years 2022-23 (FY 23) the total sum of production in goods and service , the two parameters of GDP, in all 4 quarters taken together was 160 lakh crore rupees. While the same is notably estimated to touch the figure of as high as 173 lakh crore rupees by the end of current financial year 2023-24(FY24) on 31st March.
Moreover, the sectors yielding proportionally more jobs such as manufacturing and construction propelled into 11.6% and 9.5 % growth respectively, leaving many to immense surprise.
And, obviously, would have caused shock to the likes of RaghuramRajan, who had once derided to have said that country would be fortunate if GDP remained to be even just 5% !
However the boom in growth in economy has now even started yielding positive results. Long awaited deal of manufacturing Electrical vehicle(EV) by Tesla is going to get done, as new EV policy to engage it had been announced. This step may make India an EV- hub of the world.
In this policy minimum 500 million dollars (about 4 thousand rupees) will have to be invested, while there is no restriction in upper limit . Along with that in the starting three years 25% components to be required in product will have to be from Indian companies as a domestic value addition; where after 5 years the limit will be increased to have been 50%, notably.