Chief Economic Advisor V. Ananth Nageswaran said that the grand event of Mahakumbh in Prayagraj has given a boost to many industries like transport, food, hotel. Effect of Maha Kumbh will be visible in GDP
Despite all the global challenges, the trend of fastest growth in the world continues due to the strength of domestic demand. In the third quarter (October-December) of the current financial year 2024-25, India’s GDP growth rate was recorded at 6.2 percent, which is higher than all the developed and developing countries like China, America, Indonesia, Brazil.
The positive sign for the Indian economy is that due to the grand event of Maha Kumbh, increase in capital expenditure of public companies and increase in non-petroleum and non-gems and jewelery exports, the growth rate in the fourth quarter (January-March) of the current financial year is expected to be 7.6 percent.
Due to the good performance of GDP in the fourth quarter, the GDP growth rate in the current financial year is expected to be 6.5 percent. Achieving this growth rate will take the size of the Indian economy to near four trillion dollars at current prices by the end of March this year.