The growth rate of the Indian economy in the quarter of April-June 2023 was 7.8 percent

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New Delhi: Despite the uncertainties of the global economy, India’s gross domestic product (GDP) (production of goods and services) grew by 7.8 percent in the first quarter of 2023-24 compared to the same period a year ago, supported by strong domestic demand and investment. An increase has been registered. Thus, India has overtaken China’s GDP growth in the April-June 2023 quarter to remain among the world’s fastest growing large economies. China’s growth for the quarter under review was 6.3 percent.

A release issued by the Ministry of Statistics and Program Implementation on Thursday evening said, “The real Gross Domestic Product (GDP) at constant prices (base year 2011-12) in the first quarter of 2023-24 at the level of Rs 40.37 lakh crore It is estimated to be Rs. 37.44 lakh crore in the first quarter of 2022-23. Thus it shows a growth of 7.8 per cent in GDP on an annual basis. The GDP growth in the first quarter of 2022-23 was 13.1 per cent. The low comparative base in the previous year’s figures also had an impact.

Experts said the first quarter GDP data was in line with market estimates but commodity prices
Despite the decline in GDP, some disappointment has been expressed over the low figure of growth of the manufacturing sector. The manufacturing sector has shown a growth of 4.7 per cent in the first quarter. According to government data, in the first quarter of the year 2023-24, the production of agriculture-forestry-fishery sector increased by 3.5 percent compared to the same period last year and the production of mining sector increased by 5.8 percent. Last year, the growth rate of these sectors in the corresponding quarter was 2.4 percent and 9.5 percent respectively.

The manufacturing sector grew by 4.7 per cent as compared to 6.1 per cent a year ago, while output growth in the electricity, gas, water supply and other public utilities sector was 2.9 per cent. During the same period last year, the growth of public facilities sector was 14.9 percent. In the April-June 2023 quarter, the construction sector grew by 7.9 percent and output in trade, hotels, transport, communication and broadcasting and other services by 9.2 percent on an annual basis. The growth rates of these sectors were 16 per cent and 25.7 per cent respectively a year ago.

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