As per the data released by the National Statistical Office (NSO), Ministry of Statistics and Program Implementation (MOSPI), India’s Gross Domestic Product (GDP) grew one year high to 7.8% in the April-June quarter of 2023-2024 (Q1FY24), compared to a growth of 6.1% in the January-March quarter of FY23 (Q4FY23).
- This growth is driven by stronger consumption demand and higher activities in the services sector.
- India remains one of the fastest growing major economies, and is expected to grow at 6.5% in FY24.
- The data was briefed by Chief Economic Adviser to the Government of India, Venkatramanan Anantha Nageswaran.
Highlights:
i.Real GDP or GDP at Constant (2011-12) Prices in Q1FY24 is estimated to attain a level of Rs 40.37 lakh crore, as against Rs 37.44 lakh crore in Q1FY23 showing a growth of 7.8% as compared to 13.1% in Q1FY23
ii.The nominal GDP or GDP at Current Prices in Q1FY24 saw a growth of 8% as compared to 27.7% in Q1FY23 showing a growth of 8% as compared to 27.7% in Q1FY23.
iii.Gross Value Added (GVA) at Basic Prices for Q1FY24 at 2011-12 Prices grew 7.8% as compared to 11.9% in Q1FY23 and 6.5% in Q4FY23
iv.GVA at at Basic Prices for Q1FY24 at Current Prices grew 8% as compared to 25.9% in Q1FY23.
Sectors in Q1FY24:
i.The real estate and financial sector also moved up by 12.2% on a yearly basis while construction, mining and manufacturing sector stood at 7.9%, 5.8% and 4.7% respectively.
ii.The agriculture forestry, and fishing recorded a growth of 3.5%, and electricity, gas, water supply, and other utility services at 2.9%.
iii.Trade, hotel, transport, communication saw a growth of 9.2%.
iv.Investments, as reflected by Gross Fixed Capital Formation (GFCF), grew 8.9%, while Government Final Consumption Expenditure (GFCE) grew 2.3%.
Key Points:
i.India needs to grow by ‘7% and 8%’ a year and build a strong manufacturing base to create jobs.
ii.Currently, 45% of India’s workforce is employed in the farm sector, which contributes just 18% to the economy.
Recent Related News:
i.MoSPI Standing Committee on Economic Statistics (SCES), tasked with examining economic indicators, will be replaced by a Standing Committee on Statistics (SCoS), to review the framework and results of surveys conducted for NSO.
ii.According to the second advance estimates (SAE) of national income released by the
NSO, the Indian economy is expected to have recorded a 7.0% growth in real GDP (Gross Domestic Product) in FY23 from 9.1% in FY22.
About the Ministry of Statistics and Programme Implementation (MoSPI):
MoSPI is the nodal agency for the planned and organized development of the statistical system in India.
Ministers of State (Independent Charge) – Rao Inderjit Singh (Gurugram Constituency – Haryana)
