GDP Grew By 7.6% In Q2 Compared To 7.8% In Q1
India’s economy grew 7.6 percent in the September quarter of this fiscal year and remains the fastest-growing large economy, mainly due to good performance in the manufacturing, mining and services sectors, government data showed on Thursday.
Gross domestic product (GDP) grew by 6.2 percent in the July-September quarter of 2022-23.
India remains the fastest growing major economy, as China grew by 4.9 percent in July-September 2023.
Prime Minister Narendra Modi said that the GDP growth figures demonstrate the resilience and strength of the Indian economy amid testing times globally.
“Q2’s GDP growth numbers demonstrate the resilience and strength of the Indian economy amid such testing times globally. We are committed to ensuring fast-paced growth to create more opportunities, eradicate poverty faster and improve ‘ease of living’. For our people, “X Prime Minister Modi said.
According to data from the National Statistics Office (NSO), the GVA (Gross Value Added) growth of the agriculture sector slowed to 1.2 percent in the September 2023 quarter from 2.5 percent a year ago.
Financial, real estate and professional services GVA expansion was 6 percent, down from 7.1 percent in the year-ago quarter.
GVA in the manufacturing sector showed a growth of 13.9 percent in the second quarter of the current fiscal compared to a contraction of 3.8 percent in the previous year.
According to the data, output in ‘mining and quarrying’ (GVA) accelerated to 10 per cent in the second quarter against a contraction 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 in the second quarter compared to 5.7 percent
Gross domestic product (GDP) growth was unchanged at 7.8 percent in the April-June quarter of 2023-24.
“Real GDP or GDP at constant (2011-12) value is estimated to reach the level of Rs 41.74 lakh crore in the second quarter of 2023-24, showing a growth of 7.6 per cent as compared to Rs 38.78 lakh crore in 2022-23 23. 2022-23 Q2 compared to its 6.2 percent,” the NSO said in a statement.
Nominal GDP or GDP at current prices is estimated at Rs 71.66 lakh crore in Q2 2023-24, as against Rs 65.67 lakh crore in Q2 2022-23, showing a growth of 9.1 per cent compared to 17.2 per cent in Q2 2022-23, it added. done
It also said that GDP at constant (2011-12) prices in April-September 2023-24 (H1 2023-24) is estimated at Rs 82.11 lakh crore as against Rs 76.22 lakh crore in the same period of the previous year, showing growth in H1 2022- 7.7 percent in H1 2023-24 compared to 9.5 percent in 2023-23, it said.
GDP at current prices in H1 2023-24 is estimated at Rs 142.33 lakh crore compared to Rs 131.09 lakh crore in the same period of the previous year, H1 2023-24 shows a growth of 8.6 per cent in H1 2022 compared to 22.2 per cent in H1 -23.
Meanwhile, output in eight key infrastructure sectors rose 12.1 percent in October 2023 against a 0.7 percent expansion in the year-ago period, driven by sharp growth in coal, steel, cement and power output, according to official data.
The government’s fiscal deficit at the end of October reached 45 percent of the full-year budget estimate, according to data released by the Controller General of Accounts (CGA) on Thursday.
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