New Delhi: The Indian economy is growing faster that than China, US, UK and Germany. As per data released by National Statistical Office (NSO), India’s gross domestic product (GDP) grew at four-quarter high of 7.8% year-on-year during the April-June 2023 quarter. It was at 6.1%in the preceding quarter ended March 2023.
The 7.8% GDP growth in Q1 FY24 is faster as compared with the US economic growth of 2.1% in the April-June 2023 quarter (Q1), the UK’s GDP growth of 0.4% and China’s growth of 6.3%. During the Q1 FY24, Japan grew 6% year-on-year, while Germany contracted 0.2%.
‘Real GDP or GDP at Constant (2011-12) Prices in Q1 2023-24 is estimated to attain a level of Rs 40.37 lakh crore, as against Rs 37.44 lakh crore in Q1 2022-23, showing a growth of 7.8% as compared to 13.1% in Q1 2022-23,’ according to an official statement.
Also Read: India’s fiscal deficit rises to Rs 6.06 lakh crore in April-July
India’s gross value added (GVA), also grew 7.8% during April-June 2023. GVA is GDP minus net product taxes. It reflects growth in supply.
According to the data, India’s agriculture sector recorded a 3.5% growth, up from 2.4% in the April-June quarter of 2022-23. The growth in the manufacturing sector decelerated to 4.7% in the first quarter of the current fiscal compared to 6.1% in the year-ago period.
The growth in Gross Domestic Product (GDP) during the January-March quarter of 2022-23 was 6.1% and 4.5% in October-December.
Gross fixed capital formation (GFCF), which is an indicator of investment activity in the country, rose 7.95% during the June 2022 quarter, lower as compared with 20% a year ago. GFCF accounts for 34.7% of the GDP.
Private final consumption expenditure (PFCE) and government final consumption expenditure (GFCE) grew 5.9% and (-) 0.71% respectively during Q1 FY24 over Q1 FY23.
Post Your Comments