India’s economy grew 7.6 percent in the September quarter of this fiscal and remained the fastest-growing major economy, mainly due to better performance by 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 2022-2023.
India remained the fastest growing major economy, while China recorded 4.9 percent growth in July-September 2023.
Prime Minister Narendra Modi said the GDP growth figure shows the resilience and strength of the Indian economy in difficult times globally.
“The second quarter GDP growth figures show the resilience and strength of the Indian economy amid such difficult times globally. We are committed to ensuring rapid growth to create more opportunities, quickly eradicate poverty and improve the ‘ease of living’. for our people,” Prime Minister Modi said on X.
According to data from the National Bureau of Statistics (NSO), growth in gross value added (GVA) in the agricultural sector slowed to 1.2 percent in the September 2023 quarter, compared to 2.5 percent a year ago .
The gross added value of financial, real estate and professional services amounted to 6 percent, compared to 7.1 percent in the same quarter last year.
Gross value added in the manufacturing sector recorded a growth of 13.9 percent in the second quarter of the current fiscal, compared to a contraction of 3.8 percent in the year-ago period.
According to the data, production (BVA) in ‘mining and quarrying’ accelerated to 10 percent in the second quarter, compared to a contraction of 0.1 percent a year ago.
Electricity, gas, water supply and other utilities grew by 10.1 percent from 6.1 percent.
The construction sector recorded 13.3 percent year-on-year growth in the second quarter, up from 5.7 percent.
Gross domestic product (GDP) growth during the April-June quarter of 2023-2024 remained unchanged at 7.8 percent.
Real GDP or GDP at constant prices (2011-12) is estimated to reach a level of Rs 41.74 lakh crore in the second quarter of 2023-24, up from Rs 38.78 lakh crore in the second quarter of 2022-23 , which shows a growth of 7.6 percent. compared to 6.2 percent in the second quarter of 2022-23,” the NSO said in a statement.
Nominal GDP or GDP at current prices in the second quarter of 2023-24 is estimated at Rs 71.66 lakh crore, against Rs 65.67 lakh crore in the second quarter of 2022-23, registering a growth of 9.1 percent shows compared to 17.2 percent in the second quarter of 2022-23. added.
It further said that GDP at constant prices (2011-12) 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 percent in the first half of 2023-24, compared to 9.5 percent in the first half of 2022-23, the report said.
GDP at current prices in the first half of 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 percent in the first half of 2023-24, up from 22.2 percent in the first half of 2022-23.
Meanwhile, output from eight key infrastructure sectors rose 12.1 percent in October 2023, up from 0.7 percent growth in the year-ago period, driven by a sharp increase in coal, steel, cement and electricity production, according to official data.
The government’s budget deficit stood at 45 percent of the full-year budget estimate at the end of October, according to data released by the Controller General of Accounts (CGA) on Thursday.
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