NEW DELHI: India’s Gross Domestic Product (GDP) grew 7.8 per cent in the April-June quarter of FY 24, compared to 13.1% growth rate witnessed in Q1 of FY 2022-23, data released by government showed.
The Central government’s NSO office on Thursday released the GDP figures for the first quarter of the new financial year.
India remains the fastest-growing major economy as China’s GDP growth in the April-June quarter was 6.3 per cent.
As per the NSO data, the agriculture sector recorded a 3.5 per cent growth, up from 2.4 per cent in the April-June quarter of 2022-23.
However, the growth in the manufacturing sector decelerated to 4.7 per cent in the first quarter of the current fiscal compared to 6.1 per cent in the year-ago period.
The nominal GDP or GDP at current prices in Q1 2023-24 is estimated at Rs 70.67 lakh crore, as against Rs 65.42 lakh crore in Q1 2022-23, showing a growth of 8 percent as compared to 27.7 percent in Q1 2022-23, data showed.
The growth in Gross Domestic Product (GDP) during the January-March quarter of 2022-23 was 6.1 per cent and 4.5 per cent in October-December.
The rise in Q1 GDP numbers come amid strong demand, robust service sector growth and increased government expenditure.
The figures have beaten certain estimates that had pegged the growth at 7.7% in the June quarter.
Meanwhile, the growth of eight key infrastructure sectors rose to 8 per cent in July 2023 compared to 4.8 per cent in the same month last year on expansion in production of coal, crude oil, and natural gas, according to the official data released on Thursday.
(With inputs from agencies)
The Central government’s NSO office on Thursday released the GDP figures for the first quarter of the new financial year.
India remains the fastest-growing major economy as China’s GDP growth in the April-June quarter was 6.3 per cent.
As per the NSO data, the agriculture sector recorded a 3.5 per cent growth, up from 2.4 per cent in the April-June quarter of 2022-23.
However, the growth in the manufacturing sector decelerated to 4.7 per cent in the first quarter of the current fiscal compared to 6.1 per cent in the year-ago period.
The nominal GDP or GDP at current prices in Q1 2023-24 is estimated at Rs 70.67 lakh crore, as against Rs 65.42 lakh crore in Q1 2022-23, showing a growth of 8 percent as compared to 27.7 percent in Q1 2022-23, data showed.
The growth in Gross Domestic Product (GDP) during the January-March quarter of 2022-23 was 6.1 per cent and 4.5 per cent in October-December.
The rise in Q1 GDP numbers come amid strong demand, robust service sector growth and increased government expenditure.
The figures have beaten certain estimates that had pegged the growth at 7.7% in the June quarter.
Meanwhile, the growth of eight key infrastructure sectors rose to 8 per cent in July 2023 compared to 4.8 per cent in the same month last year on expansion in production of coal, crude oil, and natural gas, according to the official data released on Thursday.
(With inputs from agencies)
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