The economy in India grew by 3.6% in the first quarter of this year, as its banks and non-financial companies (NGOs) helped to lift the country’s economy by nearly 1.2% a year earlier.
The increase in growth was driven by growth in services sectors like retail, hotels and restaurants.
According to the latest data from the National Statistical Institute (NSSI), the country added 1.3 million jobs during the first nine months of the year, while the unemployment rate fell to 9.5%.
The first quarter was also the fastest for India’s gross domestic product (GDP), according to the National Sample Survey Organisation (NPSO), the data agency.
The growth rate is an indicator of overall economic growth, while employment rate is a measure of the ratio of the number of people to the labour force.
According the NSSI, India’s growth rate in the last five years is the fastest in the world.
The world’s average is around 2%.
The NPSO reported that India’s GDP grew by 2.8% in 2017, the fastest pace in the Asia-Pacific region, according to data from Eurostat.
The NSSO said the economy grew by 1.8%, the fastest growth rate among all the BRICS nations except Brazil, whose economy grew 3.7%.
The country’s gross national product (GNP) grew by 6.2%, compared with 5.4% in 2016.
India’s average annual growth rate was 5.7%, according to Eurostat data.