India`s economy grows 7.6% in Q2FY24; remains fastest growing economy
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The India’s economy grew 7.6 percent during the July-September quarter of the current financial year 2023-24 (Q2FY24) as against 6.2 per cent in the year-ago period. The jump in GDP figures in the second quarter was led by manufacturing and construction industries. India remains the fastest-growing major economy, as China's GDP growth in the July-September quarter this year was 4.9 per cent. India's The Gross Domestic Product (GDP) growth for the April-June quarter of current financial year grew 7.8 per cent.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, said real GDP or GDP at Constant (2011-12) Prices in Q2 2023-24 is estimated to attain a level of Rs 41.74 lakh crore, as against Rs 38.78 lakh crore in Q2 2022-23, showing a growth of 7.6 percent as compared to 6.2 percent in Q2 2022-23. The nominal GDP or GDP at Current Prices in Q2 2023-24 is estimated at Rs 71.66 lakh crore, as against Rs 65.67 lakh crore in Q2 2022-23, showing a growth of 9.1 percent as compared to 17.2 percent in Q2 2022-23.
It further said 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 previous year, showing a growth of 7.7 percent in H1 2023-24 as against 9.5 percent in H1 2022-23. GDP at Current Prices in H1 2023-24 is estimated at Rs 142.33 lakh crore as against Rs 131.09 lakh crore during the corresponding period of previous year, showing a growth of 8.6 percent in H1 2023-24 as against 22.2 in H1 2022-23.
According to the NSO, the GVA in the manufacturing sector accelerated to 13.9 per cent in the Second quarter of the current fiscal compared to -3.8 per cent in the year-ago period. The output (GVA) in the ‘mining and quarrying’ increased to 10 per cent in the second quarter from -0.1 per cent a year ago, ‘electricity, gas, water supply and other utility services’ increased to 10.1 per cent from 6 per cent, and ‘construction’ rose to 13.3 per cent from 5.7 per cent. However, the agriculture sector gross value added (GVA) recorded growth of 1.2 per cent, down from 2.5 per cent in the July-September quarter of 2022-23 and ‘Financial, real estate and professional services’ GVA was 6 per cent, down from 7.1 per cent in the year-ago quarter.
