India’s economy continued to show robust growth, growing at a rate of 7.6% in the September quarter of the fiscal year. This growth was driven strong performance in the manufacturing, mining, and services sectors, according to government data released on Thursday. In comparison, the GDP had expanded 6.2% in the previous quarter.
India’s growth rates surpassed those of other major economies, with China posting a 4.9% growth in the same period.
Agriculture sector GVA growth in September 2023 decelerated to 1.2% from 2.5% a year ago, according to the National Statistical Office (NSO). The financial, real estate, and professional services’ GVA grew 6%, down from 7.1% in the previous year.
The manufacturing sector showed a significant growth of 13.9% in the second quarter of the current fiscal, a marked improvement from the 3.8% contraction in the previous year. Similarly, the mining and quarrying sector saw an acceleration of 10% in the second quarter, compared to a contraction of 0.1% in the previous year.
The construction sector also recorded a notable growth of 13.3% year-on-year in the second quarter, compared to 5.7% in the previous year. The growth in GDP remained unchanged at 7.8% during the April-June quarter of 2023-24.
The NSO released a statement indicating that real GDP in Q2 2023-24 showed a growth of 7.6% compared to 6.2% in Q2 2022-23, whereas nominal GDP showed a growth of 9.1% compared to 17.2% in the previous year.
The GDP at constant prices in April-September 2023-24 is estimated to be 7.7% higher compared to the corresponding period in the previous year. However, the GDP growth at current prices in H1 2023-24 is estimated at 8.6%, a decrease from 22.2% in H1 2022-23.
Meanwhile, the output of eight key infrastructure sectors jumped 12.1% in October 2023 against 0.7% expansion in the year-ago period, owing to increased production of coal, steel, cement, and electricity, according to official data.
On the financial front, the government’s fiscal deficit at the end of October reached 45% of the full-year budget estimate, as per data released the Controller General of Accounts (CGA).
Overall, these figures indicate a positive trend for India’s economy, with significant growth seen across various sectors, contributing to the country’s position as the fastest-growing major economy.