In the first quarter of the 2023-24 fiscal year, India’s GDP exhibited a growth of 7.8 percent, in contrast to the remarkable 13.1 percent expansion observed in the corresponding quarter of the previous year. This marks the highest growth rate achieved in the span of four quarters, as indicated by data from the National Statistical Office (NSO) on Thursday.
Notably, the nation’s GDP experienced a growth rate of 6.1 percent in the January-March period and 13.1 percent in the April-June period of 2022. Throughout the fiscal year 2022-23, the economy had demonstrated a growth of 7.2 percent.
According to the latest report from SBI Research, there is a possibility that the Indian economy grew by 8.3 percent during April-June, primarily supported by a rapid surge in capital spending by both central and state governments.
The GDP figure aligns closely with the expectations of experts in the field, as economists had foreseen that the economy would achieve its swiftest yearly pace in a year. This growth was propelled by the services sector’s performance and an increased emphasis on capital expenditure.
