Government data on Thursday showed India’s economy grew 7.6 per cent in the September quarter of this fiscal year and remained the fastest growing major economy mainly due to better performance of manufacturing, mining and services sectors.
Gross domestic product (GDP) grew by 6.2 percent in the July-September quarter of 2022-23.
India remained the fastest-growing major economy, as China recorded growth of 4.9 per cent in July-September 2023.
Prime Minister Narendra Modi said the GDP growth data demonstrated the resilience and strength of the Indian economy amid testing times globally.
“The GDP growth numbers for the second quarter reflect the resilience and strength of the Indian economy amid such difficult times globally. We look forward to creating more opportunities, faster poverty alleviation and improving ‘ease of living’. Committed to ensuring rapid development for our people,” PM Modi said.
According to National Statistical Office (NSO) data, GVA (gross value added) growth of the agriculture sector slowed to 1.2 per cent in the September 2023 quarter from 2.5 per cent a year ago.
Financial, real estate and professional services GVA expanded at 6 per cent, down from 7.1 per cent in the year-ago quarter.
GVA in the manufacturing sector witnessed a growth of 13.9 per cent in the second quarter of the current financial year, compared to a decline of 3.8 per cent in the year-ago period.
According to the data, output in ‘mining and quarrying’ (GVA) grew by 10 per cent in the second quarter, compared to a decline of 0.1 per cent a year ago.
Electricity, gas, water supply and other utility services increased from 6.1 percent to 10.1 percent.
The construction sector recorded an annual growth of 13.3 percent compared to 5.7 percent in the second quarter.
Gross domestic product (GDP) growth during the April-June quarter of 2023-24 remained unchanged at 7.8 per cent.
“Real GDP or GDP at constant (2011-12) prices is estimated to reach Rs 41.74 lakh crore in Q2 2023-24, compared to Rs 38.78 lakh crore in Q2 2022-23, up 7.6 per cent. Shows an increase of. Compared to 6.2 per cent in the second quarter of 2022-23,” NSO said in a statement.
Nominal GDP or Gross Domestic Product at current prices in Q2 2023-24 is estimated to be Rs 71.66 lakh crore as compared to Rs 65.67 lakh crore in Q2 2022-23, which is 17.2 percent over Q2 2022-23. Shows an increase of 9.1 percent compared to. Added.
It further said that GDP at constant (2011-12) prices in April-September 2023-24 (H1 2023-24) is estimated to be Rs 82.11 lakh crore as against Rs 76.22 lakh crore during the same period last year, Which shows growth. It said the growth was 9.5 per cent in the first half of 2022-23 compared to 7.7 per cent in the first half of 2023-24.
GDP at current prices is estimated to be Rs 142.33 lakh crore in the first half of 2023-24 as against Rs 131.09 lakh crore during the corresponding period last year, a growth of 22.2 per cent in the first half of 2023-24 compared to 22.2 per cent in the first half of 2022. Shows a growth of 8.6 percent in the half year. -23.
Meanwhile, output of eight core infrastructure sectors rose 12.1 per cent in October 2023 compared to 0.7 per cent in the year-ago period due to sharp growth in output of coal, steel, cement and electricity, according to official data. .
The government’s fiscal deficit at the end of October reached 45 per cent of the full-year budget estimate, according to data released by the Controller General of Accounts (CGA) on Thursday.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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