India’s gross domestic product (GDP) grew by 7.8 per cent in the quarter that ended on June 30, data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Thursday revealed. The GDP, at 7.8 per cent in Q1 of 2023-24, is the highest in four quarters, according to NSO data. The April-June GDP grew 7.8 pr cent as against 6.1 per cent in January-March, while 13.1 per cent in the year-ago quarter.
However, the RBI, in its recent bi-monthly monetary policy announcement, had pegged the GDP growth rate for the June quarter at 8 per cent. “Real GDP growth for 2023-24 is projected at 6.5 per cent with Q1 at 8 per cent; Q2 at 6.5 per cent; Q3 at 6.0 per cent; and Q4 at 5.7 per cent,” RBI governor Shaktikanta Das had said earlier this month. In its latest report, the SBI estimated the Indian economy might have grown by 8.3 per cent in April-June backed by the rapid increase in capital expenditure by central and state governments.
Union Finance Minister Nirmala Sitharaman, during her addresss at the B20 Summit India 2023, said that the Q1 numbers were expected to be healthy.
The next release of quarterly GDP estimates for the quarter July-September, 2023 (Q2 2023-24) will be on 30.11.2023.
Doonited Affiliated: Syndicate News Hunt
