The pace of connectivity-based services sector may pick up in the current financial year: Finance Ministry

New Delhi, Sep 17 (UNI) The connectivity-based services sector may accelerate growth in the financial year 2022-23 due to near-universalization of on-demand immunization, the Finance Ministry said in a report today. The next phase of growth has started in the first quarter of this financial year and India has overtaken the United Kingdom to become the world’s fifth largest economy during the period, the ministry’s Ministry of Economic Affairs said in a monthly report released by the department today. In the country, it said the share of private consumption in GDP stood at 61.1 per cent in the first quarter of the current fiscal, the highest in the first quarter in the last 10 years. stated in the report. Sharp recovery in private consumption driven by rising consumer sentiment and rising employment will sustain growth in the coming months. At a time when slow growth and high inflation are affecting most of the world’s major economies, India’s growth has remained strong and inflation is under control. However, the global economic contraction? There is a strong apprehension that it may also have an impact on India. It said that “prompt vaccination coverage and well-calibrated short-term policy measures have effectively navigated the economy through difficult times.” A strong foundation has been laid. prosperous nation in the years to come.”