India GDP Growth: Economy growing at a fast pace, GDP growth was 7.8% in Q1, reached the highest level in 4 years

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India GDP Growth: Due to the better performance of agriculture and service sector, the country’s economic growth rate (GDP) has been 7.8 percent in the first quarter (April-June) of the current financial year 2023-24. This is the highest growth rate in the last four quarters. This information has been received from the official data released on Thursday. With this, India remains the fastest growing country among major economies. China’s GDP growth rate has been 6.3 percent in the April-June quarter. In the same quarter of the last financial year 2022-23, the growth rate of GDP was 13.1 percent. The GDP growth rate was 6.1 percent in the January-March quarter of 2022-23 and 4.5 percent in the October-December quarter. National Statistical Office (NSOAccording to ) data, the Gross Value Added (GVA) in the agriculture sector stood at 3.5 per cent in the June quarter of the current financial year, as against 2.4 per cent in the same quarter of 2022-23 a year ago.

GVA of financial, real estate and professional services increased

The GVA of financial, real estate and professional services stood at 12.2 per cent in the quarter ending June 2023 as against 8.5 per cent in the same quarter a year ago. However, the growth rate of the services sector related to trade, hotels, transport, communication and broadcasting was 9.2 percent. It was 25.7 percent in the same quarter last year. The GVA in the manufacturing sector also declined to 4.7 per cent during the period under review, as against 6.1 per cent in the same period last fiscal. The NSO said in the statement that the GDP at constant prices (2011-12) is estimated to reach Rs 40.37 lakh crore in the first quarter of 2023-24, which was Rs 37.44 lakh crore in the same quarter of the previous financial year. This reflects a growth of 7.8 per cent in the June quarter, compared to 13.1 per cent in the first quarter of 2022-23.

Despite the deficient monsoon rains, the economic growth rate in the current financial year will be 6.5 percent.

The GDP at current prices stood at Rs 70.67 lakh crore in the first quarter of the current financial year, as against Rs 65.42 lakh crore in the same period a year ago. This is an eight percent increase from 27.7 percent in the first quarter of 2022-23. On the GDP figures of the first quarter, Chief Economic Advisor (CEA) V Ananth Nageswaran said that the economic growth rate in the current financial year will be 6.5 percent despite the deficient monsoon rains. He said that in general economic activities are fast. Therefore, our estimate for the economic growth rate in the current financial year still remains at 6.5 percent.

Rise in crude oil prices and prolonged uncertainty globally

Nageswaran said that the risk of 6.5 percent growth rate in the financial year 2023-24 is equal on both sides. There are risks to the upside such as a rise in crude oil prices and prolonged global uncertainty and tight financial conditions. According to the data, the output (GVA) in the mining and quarrying sector declined to 5.8 per cent in the first quarter from 9.5 per cent in the same quarter a year ago. The GVA in electricity, gas, water supply and other mass-oriented utility services stood at 2.9 per cent as against 14.9 per cent in the year-ago quarter. The GVA in the construction sector stood at 7.9 per cent in the quarter under review, as against 16 per cent in the same quarter a year ago. NSO will release the second quarter July-September data on November 30, 2023.

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