Indias Gross Domestic Product (GDP) showed a growth rate of 7.8% in the initial quarter of the fiscal year 2023-24, as disclosed by the National Statistical Office (NSO) data on Thursday.This expansion rate marks an improvement over the preceding quarters growth of 6.1%. Nonetheless, the pace of growth remains lower in comparison to the remarkable 13.1% registered in the first quarter of the fiscal year 2022-23.Driven by the services sector and more significant capital expenditure, Indias GDP growth hits 7.8%! pic.twitter.com/OaYINm5qJP— BJP (@BJP4India) August 31, 2023Amid this progress, India sustains its status as the leading major economy in terms of growth, with China recording a GDP growth of 6.3% for the April-June quarter.Indias GDP growth rate for Q1-FY 2023-24 at 7.8 per cent, says the Government. pic.twitter.com/jvhcwMIBaH— ANI (@ANI) August 31, 2023The driving factors behind this growth encompass increased capital expenditure by both central and state governments, heightened consumption demand, and enhanced activities in the services sector.“Quarterly Estimates of GDP are indicator based and are compiled using the benchmark-indicator method, i.e., quarterly estimates available for the previous year referred to as the benchmark year are extrapolated using the relevant indicators reflecting the performance of sectors,” the government agency said in an official statement.Know more about Indias GDP growth in April-June quarterAs per the NSO data, the agricultural sector experienced growth of 3.5%, an improvement from the 2.4% recorded during the corresponding period in the fiscal year 2022-23.However, the momentum of growth in the manufacturing sector decelerated to 4.7% during the initial quarter of the present fiscal year, down from the 6.1% recorded in the same period the prior year.Following the Monetary Policy Committee (MPC) meeting in August, the Reserve Bank of India (RBI) projected a growth rate of 6.5% for the entire fiscal year. Breaking down the figures on a quarterly basis, Q1 stood at 8%, according to a Mint report.The International Monetary Fund (IMF) revised its projection for Indias GDP growth in 2023, raising it to 6.1%.In June, Fitch Ratings also adjusted its forecast for Indias economic growth in the fiscal year 2023-24 (FY24), raising it to 6.3% from the prior estimation of 6%.
