India’s economy grew by 7.6 percent and the fastest growing large economy in the quarter of this financial year, mainly due to better performance by manufacturing, mining and service sectors, government data showed on Thursday.
The GDP expanded 6.2 percent in the GDP (GDP) in the July-September quarter of 2022-23.
India remained the fastest growing major economy, as China registered an increase of 4.9 percent in July-September 2023.
Prime Minister Narendra Modi said that the GDP development figures displayed the flexibility and strength of the Indian economy amidst the time of testing globally.
“The GDP development numbers for Q2 displays the flexibility and strength of the Indian economy in the middle of such testing time globally. We are committed to ensuring rapid growth to create more opportunities, improving the rapid eradication of poverty and ‘ease of living’ for our people,” PM Modi said on X.
According to data from the National Statistical Office (NSO), the agricultural sector GVA (gross price -addicted) growth had increased from 2.5 percent to 1.2 percent in the September 2023 quarter a year ago.
The GVA of financial, real estate and professional services had an expansion of 6 percent, below 7.1 percent in the year-old quarter.
In the manufacturing sector, GVA saw an increase of 13.9 percent in the second quarter of the current financial year, compared to a contraction of 3.8 percent in the year-old period.
According to the data, a year earlier in the second quarter against a contraction of 0.1 percent, the output in ‘mining and mine’ increased by 10 percent.
Electricity, gas, water supply and other utility services increased to 6.1 percent.
The construction sector registered an increase of 13.3 percent year after year in the second quarter as compared to 5.7 percent.
The increase in gross domestic product (GDP) during the April-June quarter of 2023-24 remained unchanged at 7.8 percent.
Q2 2023-24 is projected to achieve a level of actual GDP or GDP 41.74 lakh crore in continuous (2011-12), as Q2 increased by 7.6 percent in Q2 2022-23, compared to Rs 38.78 lakh crore, Q2 2022-23 has increased by 7.6 percent in compared to 6.2 percent. ,
The nominal GDP or GDP estimates at the current prices in Q2 2023-24 Q2 2022-23 has Rs 71.66 lakh crore as against Rs 65.67 lakh crore, with a increase of 9.1 percent in Q2 20222-23 as compared to 17.2 percent.
It said that GDP is estimated to be Rs 82.11 lakh crore against Rs 76.22 lakh crore during the same period of last year in April-September 2023-24 (H1 2023-24), an increase of Rs 7.7 per cent in H1 2023-24 with an increase of 7.7 per cent.
In H1 2023-24, GDP at current prices is estimated at Rs 142.33 lakh crore as compared to Rs 131.09 lakh crore during the same period last year, with H1 2023-24 in H1 2023-24 H1 2023-24 has increased by 22.2 percent in H1 20222-23.
Meanwhile, the production of eight major infrastructure areas increased by 12.1 percent in October 2023, which, according to official data, against 0.7 percent expansion over the year-old period due to a sharp increase in coal, steel, cement and power generation.
According to data released by Controller General of Accounts (CGA) on Thursday, the government’s fiscal deficit in late October touched 45 percent of the entire year budget estimate.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
