India recorded an economic growth rate of 7.8% in the April-June quarter of 2023-24 and remained the fastest growing large economy mainly due to better performance by agriculture and financial sectors, government data showed on Thursday. The Gross Domestic Product (GDP) expanded by 13.1% in the April-June quarter of 2022-23.
India remained the fastest-growing major economy as China posted a 6.3% growth in April-June 2023. According to the National Statistical Office (NSO) data, the agriculture sector gross value added (GVA) recorded growth of 3.5%, up from 2.4% in the April-June quarter of 2022-23. The expansion in ‘financial, real estate and professional services’ GVA was 12.2%, up from 8.5% in the year-ago quarter.
However, the GVA in the manufacturing sector decelerated to 4.7% in the first quarter of the current fiscal compared to 6.1% in the year-ago period. The growth in Gross Domestic Product (GDP) during the January-March quarter of 2022-23 was 6.1% and 4.5% during October-December.
“Real GDP or GDP at constant (2011-12) prices in Q1 2023-24 is estimated to attain a level of Rs 40.37 lakh crore, as against Rs 37.44 lakh crore in Q1 2022-23, showing a growth of 7.8% as compared to 13.1% in Q1 2022-23,” NSO said in a statement.
It further said the nominal GDP or GDP at current prices in the first quarter of 2023-24 has been estimated at Rs 70.67 lakh crore, as against Rs 65.42 lakh crore in the year-ago period, showing a growth of 8% as compared to 27.7% in Q1 2022-23. The NSO will release quarterly GDP estimates for July-September quarter, 2023 (Q2 2023-24) on November 30, 2023.
As per the data, the output (GVA) in the ‘mining and quarrying’ decelerated to 5.8% in the first quarter from 9.5% a year ago, ‘electricity, gas, water supply and other utility services’ to 2.9% from 14.9%, and ‘construction’ to 7.9% from 16%.
