India's Gross Domestic Product (GDP) expanded by 7.8 per cent during the April to June quarter (Q1) of the year, according to data released by the National Statistical Office (NSO) on 31 August, 2023.
China's growth in the same period 6.3 per cent. The latest numbers mean that India retains its position as the fastest-growing major economy in the world.
The agricultural sector recorded a growth rate of 3.5 per cent, marking an increase from the 2.4 percent growth registered in the same period of 2022-23
Manufacturing sector clocked a growth of 4.7 per cent during the first quarter of the current fiscal year, in contrast to the 6.1 per cent recorded in the corresponding period of the last fiscal. The higher growth in the last financial year was also due to the fact the Indian economy was recovering after two successive years of the Covid epidemic.
The construction sector grew at 7.9 per cent in Q1 of FY24.
Private consumption registered a growth of 6 per cent in the same period.
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