India’s Economic Growth Reaches 7.8% in Q1, Outpacing Expectations


India’s economy showcased robust performance in the first quarter of the fiscal year. With GDP growth soaring to 7.8%, marking the highest expansion in four consecutive quarters. This exceeded economists’ predictions of 7.7% year-on-year growth.

The Q1 GDP figure of 7.8% represents a significant rise from the 6.1% growth recorded in the preceding quarter (January-March) and a comparison to the remarkable 13.1% growth in the corresponding period of the previous year.

The National Statistical Office (NSO) unveiled data affirming India’s formidable economic advancement during the April-June 2023-24 period.

This growth, although lower than the 13.1% registered a year earlier, solidifies India’s position as the world’s fastest-growing major economy. Notably, China’s GDP growth for the same quarter was reported at 6.3%.

Diving into sectoral insights, the agriculture sector demonstrated a commendable 3.5% expansion, a notable surge from the 2.4% growth recorded in the April-June quarter of 2022-23.

However, the manufacturing sector’s momentum experienced a slowdown, achieving a growth rate of 4.7% in the current fiscal’s inaugural quarter. This marks a deceleration from the 6.1% growth achieved in the same period of the previous year.

In summary, India’s Q1 GDP growth at 7.8% showcases the nation’s resilience and determination to forge ahead amid evolving economic landscapes.

Despite facing some sectoral variations, the overall performance reaffirms India’s pivotal position in the global economic landscape.