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Below the perspective on the Q1 FY24 GDP data announcement Mr. Subho Moulik, CEO, Appreciate, a fintech platform for savings and investments:

“This is fantastic news, but not very surprising to anyone who’s been closely following India’s growth story. The government not only invested a whopping $120 billion in infrastructure development in Q1 but has also been incentivising such investments. Indeed, the construction industry grew by an impressive 7.9% in Q1. The focus on infrastructure has benefitted a broad swath of economic sectors.

In addition, India’s service industry now makes up over 50% of its economic production, with financial, real estate and professional services seeing a growth of 12.2% in Q1. This puts us in a better position compared to the many major economies facing a slowdown.

This growth also reflects the blooming of the MSME sector and of our human capital. All in all, India’s performance is fully consonant with its growing economic might on the global stage.”

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