India’s GDP grew by 7.6 per cent in the September quarter of this fiscal, slowing from 7.8 per cent in the previous quarter. The growth was mainly due to better performance by manufacturing, mining and services sectors, as per government data released on Thursday.
Despite the slowdown, India remained the fastest-growing major economy, outpacing China’s 4.9 per cent growth in the same quarter.
Prime Minister Narendra Modi commented on the GDP figures, stating that they display the resilience and strength of the Indian economy in the face of global challenges. He also reiterated the government’s commitment to ensuring rapid growth, poverty alleviation, and improving living standards for the people.
The National Statistical Office (NSO) data revealed that the agriculture sector’s Gross Value Added (GVA) growth decelerated to 1.2 per cent in the September 2023 quarter from 2.5 per cent a year ago. Meanwhile, the manufacturing sector showed a significant turnaround, with a growth of 13.9 per cent compared to a contraction of 3.8 per cent in the year-ago period.
The NSO statement also indicated that the GDP at constant prices for the April-September period of 2023-24 showed a growth of 7.7 per cent, compared to 9.5 per cent in the same period of the previous year.
In addition, the output of eight key infrastructure sectors surged 12.1 per cent in October 2023, driven by increased production of coal, steel, cement, and electricity.
The government’s fiscal deficit at the end of October reached 45 per cent of the full-year budget estimate, according to data released by the Controller General of Accounts (CGA) on Thursday.
