According to figures provided by the National Statistical Office (NSO) on Thursday, India’s gross domestic product (GDP) increased by 7.8% in the April-June quarter of FY24 compared to 13.1% in the same quarter a year earlier. Real GDP for the nation was in line with experts’ predictions of 7.7-8.5%.
India continues to have the fastest-growing major economy, with a GDP growth rate of 7.8%, while China’s GDP growth for the April-June quarter was 6.3%.
The agriculture sector had a 3.5% rise, up from a 2.4% growth in the April–June quarter of 2022–23, according to NSO statistics. However, compared to the same period last year, the manufacturing sector’s growth slowed to 4.7% in the first quarter of the current fiscal year from 6.1%.
In the meanwhile, India’s nominal GDP, or GDP at current prices, increased by 8% in Q1 FY24 as opposed to 27.7% in Q1 FY2022-23.
On the last working day of the second month after the reporting quarter, the National Statistical Office under the Ministry of Statistics and Programme Implementation publishes quarterly GDP statistics.
India’s first quarter GDP growth was predicted by the Reserve Bank of India (RBI) to be 6.7% in August 2022, followed by 7.2% in September 2022, 7.1% in December 2022, 7.8% in February and April 2023, and then 8% in June and August 2023.