India’s GDP growth stands at 7.8% for first quarter of 2023-24, lesser than RBI’s estimate of 8%

India’s financial growth stood at 7.8 per cent within the first quarter (April-June) of the present fiscal, a steep fall from 13.1 per cent GDP growth recorded within the corresponding interval of final 12 months, in accordance with information launched by the ministry of statistics and programme implementation on Thursday.

However in comparison with 6.1 per cent growth recorded in January-March interval of 2022-23, the GDP growth for the first quarter of 2023-24 was greater at 7.8 per cent.

“Real GDP or GDP at fixed (2011-12) costs in Q1 2023-24 is estimated to achieve a degree of Rs 40.37 lakh crore, as towards Rs 37.44 lakh crore in Q1 2022-23, exhibiting a growth of 7.8 per cent as in comparison with 13.1 % in Q1 2022-23,” an official assertion mentioned.

All actions like agriculture, mining, manufacturing, electrical energy, development, lodge and transport, confirmed a decline within the first quarter of 2023-24 towards first quarter of 2022-23, the info confirmed.

According to RBI’s financial coverage committee (MPC), the actual GDP growth for first quarter of 2023-24 was projected at 8 per cent.

The GDP growth recorded for the first quarter of present fiscal although is even lesser than RBI’s estimate.

(With inputs from IANS)