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Strong growth in gross fixed capital formation, supported by both private and public investment, provides an indication of continued momentum in India's economy in the coming quarters, Ministry of Statistics and Programme Implementation (MoSPI) Secretary Saurabh Garg said on Monday.
Speaking exclusively to ANI after India's real GDP grew 7.8 per cent in the April-June quarter of FY27, Garg said growth was broad-based across sectors, with services, financial activities, housing, real estate, trade and retail recording strong performance. "Growth in fixed capital is driven by both private and public investment; this 12 per cent figure also offers an indication of what growth might look like in future quarters," Garg told ANI. "The service sector has performed exceptionally well, alongside the financial, housing, and real estate sectors. Trade and retail have also seen strong performance. Consequently, private consumption, consumer spending, continues to grow," he said. Garg added that parts of the agriculture sector, including fisheries and the marine sector, also performed strongly during the quarter. "Overall, growth across all sectors has been highly positive; this demonstrates that government interventions are having an impact, maintaining a positive growth rate despite shifts in the overall landscape and the geopolitical situation," he said. The MoSPI Secretary also pointed to the resilience of India's economic growth over recent years, saying, "Over the last 3 years, quarter-to-quarter growth has been resilient." India's real GDP grew 7.8 per cent in the first quarter of FY27, higher than the Reserve Bank of India's earlier estimate of 7 per cent for the quarter. Real GDP was estimated at Rs 81.36 lakh crore in April-June FY27, compared with Rs 75.46 lakh crore in the corresponding quarter of the previous financial year. Nominal GDP, measured at current prices, grew 10.3 per cent during the quarter to Rs 88.27 lakh crore. (ANI)
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