India's GDP Growth Slows To 6.7% In April-June Quarter: Govt Data

Indian Economy: India's gross domestic product fell to a quarterly low of 6.7 percent in April-June this fiscal year from 8.2 percent, mainly due to poor performance of the agriculture sector, according to official data. India continues to be the fastest-growing major economy as China's GDP grew by 4.7 percent in the April-June quarter.

The agriculture sector grew by 2 percent in the April-June quarter of 2023-24 compared to 3.7 percent in the same period a year ago, the National Statistical Office (NSO) said on Friday. However, growth in the manufacturing sector accelerated to 7 percent in the first quarter of the current fiscal year from 5 percent in the year-ago period. The previous low of GDP was 6.2 percent in January-March 2023.

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The gross domestic product (GDP) is expected to expand by 8.2 percent in the April-June quarter of 2022-2 India, however, remains the world's fastest-growing major economy, as China recorded growth of 4.7 percent in April-June 2024. The previous low of 6.2 percent was recorded in the January-March 2023 quarter.

According to the NSO, the gross value added (GVA) growth in the agriculture sector declined to 2 percent from 3.7 percent in the April-June quarter of 2023-2 The expansion of 'financial, real estate and professional services' GVA also slowed to 7.1 percent from 12.6 percent in the year-ago quarter.

However, the GVA in the manufacturing sector accelerated to 7 percent in the first quarter of this fiscal from 5 percent a year ago. It added that the nominal GDP, or GDP at current prices, is estimated to be Rs 77.31 lakh crore in the first quarter of 2024-25, showing a growth rate of 9.7 percent.

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(With PTI's Input)