New Delhi: In a notable surge driven by robust private consumption and investments, the Indian economy demonstrated a remarkable growth of 7.8% during the April-June quarter, which stands as the most rapid expansion within the span of a year marked by conspicuous inflationary pressures. This upward trajectory reflects an escalation from the 6.1% Gross Domestic Product (GDP) growth witnessed in the preceding January-March quarter of the antecedent fiscal cycle. Notwithstanding this notable augmentation, the performance fell short of the Reserve Bank of India’s ambitious projection of 8%.
Comparatively, during the corresponding period of the prior fiscal, namely April-June 2022-23, the nation experienced an impressive 13.1% growth. In a distinct shift, the GDP growth during the October-December interval amounted to 4.5%.
Of notable significance, India retains its position as the swiftest-growing major economy, eclipsing China’s 6.3% surge in the initial quarter.
An in-depth analysis reveals a 3.5% expansion in the agricultural sector during the first quarter, reflecting a rise from the 2.4% growth recorded in the analogous year-ago phase. In contrast, the manufacturing sector experienced a moderation from a 6.1% advancement to a 4.7% progression.
Speaking at a comprehensive briefing session, Chief Economic Adviser V Anantha Nageswaran emphasized the anticipatory expansion of the construction sector over ensuing years. Notably, the services sector is expected to exhibit more vigorous growth in comparison to the manufacturing domain.
In parallel, the Composite Index of Eight Core Industries showcased an impressive 8% escalation in July, in relation to the year-prior period, as per data from the Commerce Ministry.
The forthcoming GDP growth data pertinent to the ongoing July-September trimester is slated for release on November 30.
Recent pronouncements from the government depicted a graph detailing annual GDP growth rates among premier economies in 2023, positioning India at the apex. The administration proudly noted that “India’s economy towers above the top 10” in this spectrum. Notably, India’s GDP growth is reported at 5.9%, followed by China at 5.2% and the United States at 1.6%.
