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India’s economy grew 7.6 per cent in the September quarter of this fiscal year and remained the fastest growing major economy, mainly due to better performance of manufacturing, mining and services sectors, government data released on Thursday showed.
The gross domestic product (GDP) grew by 6.2 per cent in the July-September quarter of 2022-23.
India remained the fastest-growing major economy, while China recorded a growth of 4.9 per cent in July-September 2023.
Prime Minister Narendra Modi said that the GDP growth figures demonstrate the resilience and strength of the Indian economy amidst difficult times globally.
Prime Minister Modi said, “The second quarter GDP growth figures demonstrate the resilience and strength of the Indian economy in these difficult times globally. We are committed to ensuring rapid growth to create more opportunities, eliminate poverty rapidly and make life ‘easier’ for our people.”
According to data from the National Statistical Office (NSO), GVA (gross value added) growth of the agriculture sector declined to 1.2 per cent in the September 2023 quarter from 2.5 per cent a year ago.
GVA in financial, real estate and business services expanded by 6 per cent, compared to 7.1 per cent in the same quarter a year ago.
GVA in the manufacturing sector grew by 13.9 per cent in the second quarter of the current fiscal, as against a decline of 3.8 per cent in the same period a year ago.
According to the data, production (GVA) in the mining and quarrying sector grew to 10 per cent in the second quarter, as against a decline of 0.1 per cent in the same quarter a year ago.
The growth rate of electricity, gas, water supply and other utility services increased from 6.1 per cent to 10.1 per cent.
The construction sector grew by 13.3 per cent in the second quarter, compared with 5.7 per cent year-on-year.
The gross domestic product (GDP) growth rate remained unchanged at 7.8 per cent during the April-June quarter of 2023-24.
“Real GDP or GDP at constant (2011-12) prices is projected to reach Rs 41.74 lakh crore in Q2 of 2023-24 as against Rs 38.78 lakh crore in Q2 of 2022-23, exhibiting a growth of 7.6 per cent as compared to 6.2 per cent in Q2 of 2022-23,” the NSO said in a statement.
It said nominal GDP or GDP at current prices in the second quarter of 2023-24 is estimated at Rs 71.66 lakh crore as against Rs 65.67 lakh crore in the second quarter of 2022-23, showing a growth of 9.1 per cent as compared to 17.2 per cent in the second quarter of 2022-23.
It further said that GDP at Constant (2011-12) Prices in April-September 2023-24 (H1 2023-24) is estimated at Rs 82.11 lakh crore as 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 as against 9.5 per cent in H1 2022-23.
GDP at current prices in H1:2023-24 is estimated at ₹142.33 lakh crore as against ₹131.09 lakh crore in the same period of the previous year, showing a growth of 8.6 per cent in H1:2023-24 as compared to 22.2 per cent in H1:2022-23.
Meanwhile, output of the eight core infrastructure sectors grew 12.1 per cent in October 2023, led by a sharp jump in production of coal, steel, cement and electricity, as against a growth of 0.7 per cent in the same period a year ago, according to official data.
The government’s fiscal deficit at the end of October reached 45 per cent of the full year’s budget estimate, according to data released by the Controller General of Accounts (CGA) on Thursday.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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