Among the challenges ahead for India, trade is the biggest risk to growth

Nearly all segments of the economy supported growth in the first quarter

In an environment of heightened economic uncertainty, the estimate of gross domestic product (GDP) for the first quarter (April-June) this financial year came as a surprise for most economy watchers and forecasters. The official data, released last week, showed the Indian economy expanded 7.8 per cent during the quarter, the highest in five quarters. Gross value added, which is a better indicator of economic activity, expanded by 7.6 per cent. The Reserve Bank of India (RBI) had projected a growth rate of 6.5 per cent for the quarter. However, sustaining this level of growth or achieving the RBI’s full-year projection