At 7.8 per cent, India’s GDP growth in Q1 FY24 accelerates to four-quarter high, ETCFO

[ad_1]

<p>At 7.8 per cent, India’s GDP growth in Q1 FY24 accelerates to four-quarter high <br /></p>
At 7.8 per cent, India’s GDP growth in Q1 FY24 accelerates to four-quarter high

India‘s gross domestic product (GDP) grew by 7.8 per cent in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1 per cent in the previous January-March quarter of fiscal 2022-23, according to official data shared by the National Statistical Office.

In the April-June quarter last year, the GDP growth rate was 13.1 per cent.

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 percent as compared to 13.1 percent in Q1 2022-23, Ministry of Statistics & Programme Implementation (MOSPI) said in a release.

The nominal GDP or GDP at Current Prices in the quarter registered a growth of 8.0 per cent as compared to 27.7 per cent in the first quarter of FY23.

“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 8.0 percent as compared to 27.7 percent in Q1 2022-23,” MoSPI said in a release.

The agriculture sector recorded a 3.5 per cent growth, up from 2.4 per cent in the April-June quarter of 2022-23. While 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 real estate and financial sector also moved up by 12.2 per cent on a yearly basis. The number for the construction and mining sector stood at 7.9 per cent and 5.8 per cent respectively.

The contact-intensive sectors including trade, hotels, transport and communication recorded a growth of 9.2 per cent in the June quarter of the current financial year. The number has seen a marginal increase from the last quarter when it stood at 9.1 per cent.

The International Monetary Fund (IMF) has adjusted its outlook for India’s GDP growth for 2023-24, upgrading it to 6.1 per cent.

In June, Fitch Ratings also revised its prediction for India’s economic growth in the fiscal year 2023-24 (FY24), elevating it to 6.3 per cent from the prior forecast of 6 per cent.

  • Published On Aug 31, 2023 at 05:58 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETCFO App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


[ad_2]

Leave a Reply

Your email address will not be published. Required fields are marked *