India's GDP grew by 7.2% in the 2022-2023 year to March, driven by services and consumption, placing it among the world's fastest-growing economies.
India is the world's fifth-largest economy and has recently overtaken China to become the world's most populous country. Its growth has been on the rise since the pandemic from 9.1% in the 2021-2022 fiscal year. However, like other countries, the economy has been hit by unfavorable global conditions, including tightening global financial conditions, the war in Ukraine, and geopolitical tensions. India imports more than 80 percent of its crude oil, and the war in Ukraine raised oil costs, but its economy rose 6.1 percent in the fourth fiscal quarter, from January to March, compared to the same period last year, according to the National Statistics Office.
Source (Alkhaleej Emirati Newspaper, Edited)
