India’s economy experienced a significant growth of 7.6 per cent in the September quarter, marking it as the fastest-growing large economy in the world. This growth was largely attributed to the improved performance of manufacturing, mining, and services sectors, according to government data released on Thursday.
In comparison, China posted a 4.9 per cent growth in the same quarter, putting India ahead as the fastest-growing major economy.
The National Statistical Office (NSO) data revealed that the agriculture sector’s Gross Value Added (GVA) growth decelerated to 1.2 per cent in the September 2023 quarter from 2.5 per cent a year ago.
GVA in financial, real estate, and professional services sectors also showed a slightly decreased growth, coming in at 6 per cent, down from 7.1 per cent in the previous year.
However, the manufacturing sector’s GVA experienced a significant growth of 13.9 per cent, marking a strong recovery from a 3.8 per cent contraction in the previous year.
The ‘mining and quarrying’ output accelerated to 10 per cent in the second quarter, compared to a contraction of 0.1 per cent a year ago.
Additionally, the construction sector recorded notable growth of 13.3 per cent year-on-year in the second quarter, compared to 5.7 per cent.
The GDP growth in the April-June quarter of 2023-24 remained at 7.8 per cent, making it consistent between the quarters.
In a statement, the NSO reported, “Real GDP in Q2 2023-24 is estimated to attain a level of Rs 41.74 lakh crore, showing a growth of 7.6 per cent as compared to 6.2 per cent in Q2 2022-23.”
The nominal GDP in Q2 2023-24 is estimated at Rs 71.66 lakh crore. For the first half of 2023-24, the GDP at current prices is estimated at Rs 142.33 lakh crore, showing an 8.6 per cent growth.
Moreover, the output of eight key infrastructure sectors in October 2023 jumped 12.1 per cent, attributed to a sharp surge in production of coal, steel, cement, and electricity.
In terms of government finances, the fiscal deficit at the end of October touched 45 per cent of the full-year budget estimate, according to data released by the Controller General of Accounts (CGA) on Thursday.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years.