India's Q2FY24 GDP surges 7.6%

India's economic landscape has shown remarkable resilience as the Gross Domestic Product (GDP) surged by 7.6% in the second quarter (July-September) of the fiscal year 2023-24, as per the latest data unveiled by the National Statistical Office (NSO) on Thursday. This notable growth outpaced the projections set by financial analysts, marking a substantial upturn for the nation.

The figures depict a significant improvement compared to the previous year, with the year-on-year (YoY) growth standing at 6.2%. On a quarter-on-quarter (QoQ) basis, the growth stood slightly below at 7.8%, signaling a robust economic recovery trajectory.

Breaking down the sector-wise performance, the agricultural sector, encompassing agriculture, livestock, forestry, and fishing, witnessed a growth of 1.2% in Q2FY24, down from 2.5% recorded in the same period of the previous fiscal year.

Furthermore, the mining and quarrying industry marked a substantial upswing, growing by 10% in Q2FY24, in stark contrast to a contraction of 0.1% witnessed in Q2FY23.

The manufacturing sector notably rebounded with a remarkable growth rate of 13.9%, recovering from a contraction of 3.8% experienced in Q2FY23, showcasing an impressive resurgence.

Likewise, the construction sector displayed a robust performance, expanding by 13.3% in Q2FY24, a substantial increase from the 5.7% growth reported in Q2FY23.

However, there was a visible slowdown in the growth of the trade, hotels, transport, communications, and other related services sector, which recorded a growth rate of 4.3% in Q2FY24, significantly lower than the 15.6% growth observed in the same period of the previous fiscal year.

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