India's GDP Grows 7.8% in April-June Quarter 2023-24
India's economy showed strong growth in the first quarter of the current fiscal year, surpassing expectations and indicating robust economic activity.
Source: GNews RBI EconomyIndia's Gross Domestic Product (GDP) expanded by 7.8% during the April-June quarter of the financial year 2023-24. This growth rate is higher than many economists' predictions. The National Statistical Office (NSO) released these figures, highlighting India's position as one of the fastest-growing major economies globally. The strong performance was primarily driven by robust growth in the services sector, particularly financial, real estate, and professional services, which grew by 12.2%. The agriculture sector also contributed positively with a growth of 3.5%. However, the manufacturing sector's growth was more moderate at 4.7%. This better-than-expected GDP growth provides a positive outlook for the Indian economy amidst global uncertainties.
This news is crucial for exam aspirants as it reflects the current health and trajectory of the Indian economy, a key topic for UPSC GS Paper III (Economy), SSC CGL, and Banking exams. Understanding GDP growth drivers, sectoral contributions, and the role of NSO is vital. It helps aspirants analyze economic trends, government policies, and their impact on national development.
- India's GDP grew by 7.8% in the April-June quarter of FY 2023-24.
- The National Statistical Office (NSO) released these GDP figures.
- The services sector, including financial and real estate, grew by 12.2%.
- Agriculture sector recorded a growth of 3.5% in Q1 FY24.
- Manufacturing sector growth stood at 4.7% during the same period.
- India remains one of the fastest-growing major economies globally.
GDP is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. It serves as a comprehensive scorecard of a given country s economic health. It is usually calculated on an annual or quarterly basis.
The NSO is the statistical arm of the Ministry of Statistics and Programme Implementation (MoSPI), Government of India. It is responsible for conducting large-scale sample surveys, compiling national accounts, and publishing various economic statistics, including GDP data. It was formed by merging the Central Statistical Office (CSO) and the National Sample Survey Office (NSSO) in 2019.
A fiscal year is a 12-month period used by governments and businesses for accounting purposes. In India, the fiscal year runs from April 1st to March 31st of the following calendar year. It is used for budgeting, financial reporting, and calculating taxes.
Exams frequently ask about India's latest GDP growth rates, the contributing sectors, and the institutions responsible for economic data (like NSO, RBI). Be prepared for questions on economic indicators and their significance.
Remember '7.8' for Q1 GDP: 'Seven-Eight' sounds like 'Great Rate' for India's growth.
Frequently Asked Questions
What is India's GDP growth rate for the April-June 2023 quarter?
India's GDP grew by 7.8% in the April-June quarter of the financial year 2023-24. This figure was released by the National Statistical Office (NSO) and indicates strong economic performance.
Which sectors contributed most to India's Q1 FY24 GDP growth?
The services sector, particularly financial, real estate, and professional services, was the primary driver, growing by 12.2%. The agriculture sector also showed positive growth at 3.5%.
Who releases the GDP data in India?
The National Statistical Office (NSO), which is part of the Ministry of Statistics and Programme Implementation (MoSPI), is responsible for compiling and releasing GDP data in India.