India’s economy saw a significant growth of 7.6 percent in the September quarter of the fiscal year, marking it as the fastest-growing large economy, according to government data released on Thursday. This growth can be attributed to the improved performance by the manufacturing, mining, and services sectors.
The country’s GDP expanded by 6.2 percent in the July-September quarter of 2022-23, solidifying its position as the fastest-growing major economy, with China posting a 4.9 percent growth in the same period.
The National Statistical Office (NSO) data revealed that the agriculture sector’s Gross Value Added (GVA) growth slowed down to 1.2 percent in the September 2023 quarter from 2.5 percent a year ago. The growth in financial, real estate, and professional services’ GVA also decreased to 6 percent from 7.1 percent in the previous year.
In contrast, the GVA in the manufacturing sector showed a significant increase of 13.9 percent, compared to a contraction of 3.8 percent in the year-ago period. Similarly, the ‘mining and quarrying’ sector accelerated to 10 percent in the second quarter, up from a contraction of 0.1 percent a year ago.
The construction sector recorded a remarkable growth of 13.3 percent year-on-year in the second quarter, compared to 5.7 percent in the previous year.
According to the NSO’s statement, the real GDP in Q2 2023-24 reached Rs 41.74 lakh crore, showing a growth of 7.6 percent compared to 6.2 percent in Q2 2022-23. Similarly, the nominal GDP in Q2 2023-24 was estimated at Rs 71.66 lakh crore, indicating a growth of 9.1 percent compared to 17.2 percent in Q2 2022-23.
The NSO also reported that the GDP at constant prices in April-September 2023-24 is estimated at Rs 82.11 lakh crore, showing a growth of 7.7 percent compared to 9.5 percent in the corresponding period of the previous year.
In addition, the output of eight key infrastructure sectors jumped 12.1 percent in October 2023, compared to 0.7 percent in the previous year. This increase was driven by a significant uptick in the production of coal, steel, cement, and electricity, as per official data.
On the fiscal front, the government’s fiscal deficit at the end of October reached 45 percent of the full-year budget estimate, according to data released by the Controller General of Accounts (CGA) on Thursday.
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