India's GDP grew 7.8% in Q1FY24

India recorded economic growth of 7.8% in the April-June quarter of 2023-24 against 13.1% in the year-ago period, as per the National Statistical Data (NSO) released on Thursday.

India remains the fastest-growing major economy as China's GDP growth in the April-June quarter was 6.3%.

As per the NSO data, the agriculture sector recorded a 3.5% growth, up from 2.4% in the April-June quarter of 2022-23.

However, the growth in the manufacturing sector decelerated to 4.7% in the first quarter of the current fiscal compared to 6.1% in the year-ago period. The construction sector's GDP growth settled at 7.9%, a notable drop from the 16% of the previous fiscal year.

The financial services sector's growth escalated from 7.1% to 12.2%, while the trade, hotel, and transport sector's growth went from 9.1% to 9.2%. The mining sector experienced growth from 4.3% to 5.8%. However, there was a decline in the growth of electricity and public utility, plummeting from 6.9% to 2.9%. Comparing Gross Value Added (GVA), it rose from 6.5% in the previous quarter (Q4FY23) to 7.8% in the current quarter (Q1FY24)

The growth in Gross Domestic Product (GDP) during the January-March quarter of 2022-23 was 6.1% and 4.5% in October-December.