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India posts 7.8% growth in April-June as oil shock looms
The April-June expansion beat the Reserve Bank of India’s 7.0% forecast, giving analysts room to expect growth nearer 8% for the full year.
India’s economy grew 7.8% in the April-June quarter, exceeding the Reserve Bank of India’s forecast of 7.0%, and strengthening confidence that growth can stay on track for the rest of the financial year, according to SCMP Economy.
The report said the US-Iran war and the resulting disruption to global energy markets remain a risk, with higher oil prices acting as a headwind for India’s outlook.
Despite that exposure, Jamus Lim of ESSEC Business School Asia-Pacific said energy will likely weigh on the economy but that momentum could continue and growth may come in closer to 8%.