GDP grows by 7.8 pc in Q1 of 2023-24 compared to 13.1 pc in year-ago quarter, says NSO data.
New Delhi: India’s Gross Domestic Product (GDP) experienced a growth 7.8 percent during the initial quarter of the fiscal year 2023-24. Notably, this growth of 7.8 percent has surpassed the previous quarter’s increase of 6.1%. However, the pace is comparably slower than the 13.1% growth registered during the first quarter of the fiscal year 2022-23.
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 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.
However, the GVA 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 growth in Gross Domestic Product (GDP) during the January-March quarter of 2022-23 was 6.1 per cent and 4.5 per cent 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 per cent as compared to 13.1 per cent 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 per cent as compared to 27.7 per cent in Q1 2022-23.
The NSO will release quarterly GDP estimates for the July-September, 2023 (Q2 2023-24) on November 30, 2023.
As per the data, the output (GVA) in the ‘mining and quarrying’ decelerated to 5.8 per cent in the first quarter from 9.5 per cent a year ago, ‘electricity, gas, water supply and other utility services’ to 2.9 per cent from 14.9 per cent, and ‘construction’ to 7.9 per cent from 16 per cent.
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