Growth in India’s Gross Domestic Product (GDP) and the Gross Value Added (GVA) in the financial system sped to 7.8% in the first quarter of this yr. Photo: rawpixel.com
Growth in India’s Gross Domestic Product (GDP) and the Gross Value Added (GVA) in the financial system sped to 7.8% in the first quarter of this yr, as per estimates launched by the National Statistical Office (NSO) on August 31.
GDP progress stood at 6.1% in the January to March 2023 quarter and at 13.1% in the first quarter of 2022-23. GVA progress in the earlier quarter was 6.5%, whereas it was 11.9% in the April to June 2022 interval.
Manufacturing GVA grew for the second quarter in a row, with the tempo of progress choosing up barely to 4.7% in Q1 of 2023-24, from 4.5% in the earlier quarter. Agriculture, Forestry and Fishing GVA grew 3.5% between April to June, whereas it was the Services sectors that recorded the sharpest surge.
Financial, Real Estate and Professional Services GVA grew 12.2% in Q1, whereas GVA from Trade, Hotels, Transport, Communication and Services associated to broadcasting rose 9.2%.
The Gross Value Added from Public Administration, Defence and Other Services, in addition to the employment-intensive Construction sector rose 7.9% every.
GVA from Electricity, Gas, Water Supply and Other companies grew simply 2.9%, whereas Mining and Quarrying GVA grew 5.8%.
“Real GDP in Q1 2023-24 is estimated to attain a level of ₹40.37 lakh crore, as against ₹37.44 lakh crore in Q1 2022-23, showing a growth of 7.8% as compared to 13.1% in Q1 2022-23,” the NSO stated.
“Although a supportive base propelled India’s GDP growth to a four-quarter high of 7.8% in Q1, it nonetheless printed below our expectations of 8.5% as well as the central bank’s Monetary Policy Committee’s projection of 8%,” stated ICRA chief economist Aditi Nayar. She attributing the slower than anticipated progress largely to the meek uptick in manufacturing that has been hit by falling exports, and a deceleration in the development sector.
