Source : Quartz
Indian Economy shows an impressive 7.8% GDP growth rate in Q1 of FY2023-24
New Delhi (AP News): India’s economy registered impressive growth of 7.8% in the first quarter of the current financial year (April-June), attributed to good performance by the agriculture and financial sectors, according to official data released on Thursday.
The World Bank says India is one of the fastest-growing economies of the world and is poised to continue on this path.
India’s agriculture sector recorded growth of 3.5% in three months, up from 2.4% in the April-June quarter last year, according to the data released by the government-run National Statistical Office.
The rise in financial, real estate and professional services was 12.2%, up from 8.5% in April-June last year.
However, the manufacturing sector growth decelerated to 4.7% in the first quarter of the current fiscal year, compared to 6.1% a year ago, the data suggests. India’s financial year runs from April to March.
The output in mining, electricity, gas, water supply and construction also slowed in the April-June quarter.
