India's Q1 2024 GDP grows 7.8%, beating expectations amid Middle East disruptions
By
Priyanka Salve
A respectable bake. You'd come back tomorrow for another.
Summary
India's economy grew at a faster-than-expected 7.8% year-on-year in Q1 2024 (Jan-Mar), surpassing the Reuters poll forecast of 7.2%. This growth occurred despite partial disruptions from the Middle East conflict. The quarter saw improved trade prospects, including a major deal with the European Union and reduced U.S. tariffs on Indian goods from 50% to 18%, later lowered to 10% after a U.S. Supreme Court ruling.
Key quotes
· 3 pulledIndia's economy grew at 7.8% year-on-year in the three months to the end of March, a faster-than-expected pace.
The economy was forecast to grow by 7.2% in Jan-Mar, lower than 7.8% in the previous quarter.
India's trade prospects improved sharply as it finalized a 'mother of all deals' with the European Union and managed to get the U.S. to lower tariffs on its goods from 50% to 18%.
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