India’s gross domestic product, or GDP grew by 7.8% in the first quarter (April-June) of the financial year 2023-’24, government data showed on Thursday.
The growth rate for the same three-month period last year was 13.1%. In the fourth quarter (January-March) of the last financial year, India’s economic growth stood at 6.1%. The GDP growth rate for the full financial year 2022-’23 was 7.2%.
According to official figures released on Thursday, the country’s nominal gross domestic product, or GDP at current prices, grew at 8.0%, as compared to 27.7% in the first quarter of 2022-’23.
The agriculture, forestry and fishing sector grew at 3.5% in the first quarter of the current financial year, as against 2.4% in the same quarter last year. The growth rate in the mining and quarrying sector, however, slowed down to 5.8% as against 9.5% in the first quarter of 2022-’23.
The manufacturing sector grew at 4.7% in the first quarter of 2023-’24, as against 6.1% in the same period last year.
The government’s annual Economic Survey in January projected the country’s Gross Domestic Product to grow by 6% to 6.8% in the 2023-’24, down from 7% projected for the previous year. The International Monetary Fund has pegged India’s growth rate for 2023-’24 at 6.1%.