New Delhi, August 31: India saw a Gross Domestic Product (GDP) growth rate of 7.8 per cent in the first quarter (April-June) of 2023-24. Real GDP or GDP at constant (2011-12) prices in Q1 2023-24 is estimated to attain a level of Rs  40.37 lakh crore, as against Rs 37.44 lakh crore in Q1 2022-23, showing a growth of 7.8 per cent as compared to 13.1 per cent in Q1 2022-23, Ministry of Statistics and Programme Implementation said on Thursday.

With a GDP growth of 7.8 per cent, India continues to be the fastest-growing major economy. China's economy grew by 6.3 per cent year-on-year in the second quarter of 2023. India GDP Growth Forecast 2023-24: India To Be Fastest Growing Economy Among Asia Pacific Nations With 6% Growth, Says S&P Global Ratings.

According to data released by the Ministry, the agriculture sector recorded a 3.5 per cent growth, which is up from 2.4 per cent in the same quarter of last fiscal. However, the growth in the manufacturing sector decelerated to 4.7 per cent in the first quarter of the current fiscal compared to 6.1 per cent in the year-ago period.

Nominal GDP or GDP at Current Prices in Q1 2023-24 is estimated at Rs 70.67 lakh crore, as against Rs 65.42 lakh crore in Q1 2022-23, showing a growth of 8 per cent as compared to 27.7 per cent in Q1 2022-23, the Ministry added.

The quarterly estimates of GDP are indicator-based and are compiled using the benchmark-indicator method, i.e., quarterly estimates available for the previous year referred to as the benchmark year are extrapolated using the relevant indicators reflecting the performance of sectors. India GDP Forecast for 2023-24: Fitch Ratings Raises India's Economic Growth Prediction to 6.3% for Current Fiscal Year.

The data sourced from various ministries, departments, and private agencies serve as valuable inputs in the compilation of the estimates. The quarterly GDP estimates for July-September, 2023 (Q2 2023-24) will be released on November 30.

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