After experiencing economic growth in the first and second quarters, India achieved another 7The 6% surge is yet another testament to the resilience and development potential of the Indian economy. Among them, the manufacturing industry increased by 13 percent year-on-year9%, ranking first among major industries. This data shows that India's manufacturing sector is growing rapidly and becoming a major engine of economic growth.
The growth of the manufacturing sector has been driven by India's industrialization and manufacturing development strategy. In the past few years, India has been committed to improving the competitiveness of the manufacturing industry, by introducing more technology and innovation, strengthening the management and control of production links, and improving product quality and efficiency. The implementation of these measures has enabled India's manufacturing industry to gradually gain a competitive advantage in the international market, attracting more investment and orders.
In addition, India's construction and utilities sectors also saw faster growth in the third quarter. The construction industry increased by 13 year-on-year3%, which is mainly due to the vigorous promotion of infrastructure construction, which has invested a lot of money in the construction of roads, railways, bridges and other public facilities. And electricity, gas, water and other utilities have also achieved 10The growth of 1% shows that India's infrastructure construction has achieved good results.
Financial, real estate and professional services increased by 6%, and wholesale services**, accommodation and catering, transportation and communications and other related services increased by 43%。These figures show that India's service sector is also developing steadily, contributing positively to economic growth.
Agriculture, forestry and fishery had the lowest growth, at only 12%。This shows that India's agriculture still faces some difficulties and challenges, such as climate change, water scarcity and other issues. Despite this, India** has been working to modernize agriculture and increase farmers' incomes, and hopes to change the state of agriculture by improving agricultural infrastructure and strengthening agricultural technology research and development and extension.
Overall, India's sustained economic growth depends on the development of a number of industries, with growth in manufacturing, construction and utilities playing an important role in driving economic growth. This also fully reflects India's emphasis on economic restructuring and transformation, and realizes sustainable economic development through continuous promotion of industrial upgrading and scientific and technological innovation.
The Indian economy maintained a relatively high growth rate in the first three quarters, and the growth rate of the Indian economy has been relatively outstanding compared to other large economies. So, what is the reason for India's economic growth to surpass?
First, domestic demand is the core driver of India's economic growth. India, as a populous country, has a huge market demand. ** The policy of vigorously promoting consumption upgrading and expanding domestic demand has stimulated the growth of consumption and investment by improving the consumption power and purchasing power of residents. This has provided a steady growth momentum for the Indian economy, which has maintained a relatively high growth rate in the face of a volatile international economic environment.
Secondly, India** actively promotes infrastructure construction and manufacturing development. Infrastructure is an important support for economic development, and India** has laid a solid foundation for economic development by increasing investment in infrastructure, improving transportation and communication capabilities, and improving infrastructure conditions such as water supply and electricity. At the same time, India** has also vigorously promoted the development of the manufacturing industry, and by providing subsidies and preferential policies, it has attracted many multinational companies to establish production bases in India, which has stimulated the growth of the manufacturing industry.
In addition, India has also actively promoted the process of reform and opening up and liberalization. Through measures such as reducing barriers, lowering tariffs, and simplifying approval procedures, it has attracted more foreign capital and foreign investment, and promoted the development of international investment. This open policy environment has helped to enhance the international competitiveness of the Indian economy and has supported rapid economic growth.
In general, India's economic growth rate exceeds that of other countries, which is due to the combined effect of factors such as the expansion of domestic demand, infrastructure construction and manufacturing development, as well as reform, opening up and liberalization. The implementation of these measures has provided strong support for the development of India's economy, and has enabled it to maintain a relatively high growth rate among the world's large economies.
In addition to India, other large economies around the world also experienced varying degrees of economic growth in the first three quarters of 2023. Here are some of the economic performance of large economies:
1.United States: The U.S. economy is expanding, with a total GDP of nearly 20At a high of 3 trillion US dollars, it continues to lead the world. For the full year of 2023, GDP is expected to fall to 27Around $4 trillion.
2.China: China's economy grew by 5 percent year-on-year in the first three quarters2%, which is a good result. However, due to deflationary prices and the poor performance of the renminbi exchange rate, the size of the economy in dollar terms has slipped to $130157 million, and the gap with the United States has widened.
3.Japan: Japan's economy in the first three quarters of the year-on-year increase of **17%, but dragged down by inflation and exchange rates, the economy was overtaken by Germany and fell to fourth place in the world.
4.Germany: Germany's economy fell by 04%, maintaining its position as the world's fourth-largest economy despite poor economic performance.
5.United Kingdom: The UK economy grew by 05%, and the preliminary GDP figure is 2,511.2 billion US dollars.
6.France: France's economy grew by 07%, with a GDP of $2,243.4 billion.
7.Mexico: Mexico's economy grew by 3 in the first three quarters4%, with a GDP of $1,317.4 billion.
8.Spain: Spain's economy grew by 2 in the first three quarters6%, with a GDP of $1,165.1 billion.
To sum up, the world's large economies have their own economic performance in the first three quarters of 2023, and India stands out as one of them with a higher growth rate. Economic growth in other countries varies, but in general, the United States remains the global economic frontrunner, with economies such as China, Japan, and Germany maintaining relatively stable growth. These data show that the global economy is gradually recovering, but it also faces some challenges and uncertainties.