GDP grew 7.8% in first quarter, says National Statistical Office
The Hindu
GDP growth in India sped to 7.8% in Q1 2023-24, driven by Manufacturing (4.7%), Financial, Real Estate and Professional Services (12.2%), Trade, Hotels, Transport, Communication & Services related to broadcasting (9.2%), Public Administration, Defence and Other Services (7.9%) & Mining & Quarrying (5.8%). Real GDP in Q1 2023-24 estimated at ₹40.37 lakh crore, up 7.8% from Q1 2022-23.
Growth in India’s Gross Domestic Product (GDP) and the Gross Value Added (GVA) in the economy sped to 7.8% in the first quarter of this year, as per estimates released by the National Statistical Office (NSO) on August 31.
GDP growth stood at 6.1% in the January to March 2023 quarter and at 13.1% in the first quarter of 2022-23. GVA growth in the previous quarter was 6.5%, while it was 11.9% in the April to June 2022 period.
Manufacturing GVA grew for the second quarter in a row, with the pace of growth picking up slightly to 4.7% in Q1 of 2023-24, from 4.5% in the previous quarter. Agriculture, Forestry and Fishing GVA grew 3.5% between April to June, while it was the Services sectors that recorded the sharpest surge.
Financial, Real Estate and Professional Services GVA grew 12.2% in Q1, while GVA from Trade, Hotels, Transport, Communication and Services related to broadcasting rose 9.2%.
The Gross Value Added from Public Administration, Defence and Other Services, as well as the employment-intensive Construction sector rose 7.9% each.
GVA from Electricity, Gas, Water Supply and Other services grew just 2.9%, while Mining and Quarrying GVA grew 5.8%.
“Real GDP in Q1 2023-24 is estimated to attain a level of ₹40.37 lakh crore, as against ₹37.44 lakh crore in Q1 2022-23, showing a growth of 7.8% as compared to 13.1% in Q1 2022-23,” the NSO said.
Veterinary students in Vijayawada demand stipend hike, protesting since February 1 for fair compensation during internships.
Enforcement Directorate uncovers financial fraud involving distilleries and bottling companies, siphoning off over ₹1,000 crore in unaccounted-for cash.
Ranya Rao, caught smuggling gold at Kempegowda International Airport, claimed innocence, but agencies suspect syndicate involvement.
World Sleep Day: More than 26% of professionals said they are getting less than six hours of sleep in the night, a problem even more pronounced among entrepreneurs.
Samuel Browne's botanical explorations in 17th-century Madras offer insights into traditional plant uses and changing flora over time.
CPS Abolition Movement protests in Dindigul urging State government to implement old pension scheme promised by DMK.
Union Finance Minister criticizes removal of Indian currency symbol '₹' in Tamil Nadu Budget 2025-26 documents, citing national unity concerns.
State government provides ₹100 crore to KMRL for Kakkanad extension, speeding up construction and addressing funding issues.
ED joins probe into gold smuggling case involving Kannada actor Ranya Rao, raids multiple locations in Bengaluru.
Bombay High Court questions Maharashtra government on failure to register FIR against police officers in custodial death case.
Uttar Pradesh Minister Sanjay Nishad faces backlash for suggesting those who have issues with Holi colours should leave the country.
Tamil Nadu sees improved Olive Ridley turtle nesting season with over 2.5 lakh eggs collected, efforts to protect marine life.
Speeding bus crash on Paramakudi-Madurai highway kills woman, injures 23; driver flees scene, causing critical injuries.