India GDP Growth: With better performance of manufacturing, mining and service sectors, the country’s economic growth rate stood at 7.6 percent in the July-September quarter of the current financial year. It was 6.2 percent in the same quarter a year ago. This information was given in the official figures released on Thursday. With this, India remains the country achieving the fastest economic growth rate among the major economies of the world.
China’s GDP (gross domestic product) growth rate stood at 4.9 percent in this July-September quarter. GDP refers to the total value of goods and services produced in the country in a given period. According to the data of the National Statistical Office (NSO), the gross value added (GVA) growth rate in the agriculture sector was 1.2 percent which was 2.5 percent in the July-September quarter of 2022-23.
The GVA growth rate in the manufacturing sector stood at 13.9 percent in the second quarter of the current financial year, whereas it had declined by 3.8 percent in the same quarter a year ago. GVA growth rate in financial, real estate and professional services stood at six percent, which was 7.1 percent in the same quarter a year ago.
According to the data, GVA in mining and quarrying increased by 10 percent in the quarter under review, whereas it had declined by 0.1 percent a year ago. The growth rate of electricity, gas, water supply and other people-centric services increased from 6.1 percent to 10.1 percent. The growth rate of the construction sector increased to 13.3 percent in the second quarter. A year ago, in the same quarter of 2022-23, it was 5.7 percent.
During the April-June quarter of the current financial year, the gross domestic product (GDP) growth rate remained at 7.8 percent. NSO said in a statement that real GDP or GDP at constant (2011-12) prices is estimated to reach Rs 41.74 lakh crore in Q2 2023-24, while it will reach Rs 38.78 lakh crore in Q2 2022-23. Was. In this way, it is estimated to increase by 7.6 percent, whereas in the second quarter of 2022-23 this figure was 6.2 percent.
Similarly, GDP at current prices is estimated to be Rs 71.66 lakh crore in the second quarter of 2023-24, while this figure was Rs 65.67 lakh crore in the second quarter of 2022-23. Thus, the GDP growth rate at current prices shows an increase of 9.1 percent in the second quarter of the current financial year, whereas this figure was 17.2 percent in the second quarter of 2022-23.