India’s economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to improved performance in the manufacturing, mining, and services sectors, as shown by government data on Thursday.
The gross domestic product (GDP) expanded by 6.2 per cent in the July-September quarter of 2022-23.
India maintained its position as the fastest-growing major economy, with China posting a growth of 4.9 per cent in July-September 2023.
Prime Minister Narendra Modi expressed that the GDP growth figure demonstrated the resilience and strength of the Indian economy during challenging times globally.
“The GDP growth numbers for Q2 display the resilience and strength of the Indian economy in the midst of such testing times globally. We are committed to ensuring fast-paced growth to create more opportunities, rapidly eradicate poverty, and improve the ‘ease of living’ for our people,” said PM Modi on X.
According to data from the National Statistical Office (NSO), the growth in the agriculture sector’s Gross Value Added (GVA) slowed down to 1.2 per cent in the September 2023 quarter from 2.5 per cent a year ago.
The expansion in the GVA of financial, real estate, and professional services was 6 per cent, down from 7.1 per cent in the year-ago quarter.
The manufacturing sector’s GVA showed a growth of 13.9 per cent in the second quarter of the current fiscal, compared to a contraction of 3.8 per cent in the year-ago period.
As per the data, the output (GVA) in the ‘mining and quarrying’ sector 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 grew by 10.1 per cent compared to 6.1 per cent.
The construction sector recorded a year-on-year growth of 13.3 per cent in the second quarter compared to 5.7 per cent.
The growth in gross domestic product (GDP) during the April-June quarter of 2023-24 remained unchanged at 7.8 per cent.
“Real GDP or GDP at Constant (2011-12) Prices in Q2 2023-24 is estimated to reach a level of Rs 41.74 lakh crore, as against Rs 38.78 lakh crore in Q2 2022-23, showing a growth of 7.6 per cent compared to 6.2 per cent in Q2 2022-23,” stated the NSO.
Nominal GDP or GDP at current prices in Q2 2023-24 is estimated at Rs 71.66 lakh crore, 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.
It further stated that the GDP at constant (2011-12) prices in April-September 2023-24 (H1 2023-24) is estimated at Rs 82.11 lakh crore, against Rs 76.22 lakh crore during the corresponding period of the previous year, showing a growth of 7.7 per cent in H1 2023-24 compared to 9.5 per cent in H1 2022-23.
GDP at current prices in H1 2023-24 is estimated at Rs 142.33 lakh crore, compared to Rs 131.09 lakh crore during the corresponding period of the previous year, showing a growth of 8.6 per cent in H1 2023-24 against 22.2 per cent in H1 2022-23.
Meanwhile, according to official data, the output of eight key infrastructure sectors jumped 12.1 per cent in October 2023, compared to 0.7 per cent expansion in the year-ago period, due to a significant increase in coal, steel, cement, and electricity production.
The government’s fiscal deficit at the end of October reached 45 per cent of the full-year budget estimate, as per data released by the Controller General of Accounts (CGA) on Thursday.
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