New Delhi (TIP)- India‘s gross domestic product (GDP) for the second quarter of the ongoing financial year accelerated to 7.6 per cent year-on-year, showed data shared by the Ministry of Statistics and Programme Implementation on Thursday, Nov 30.
In the same period last year, the GDP growth stood at 6.2 per cent.
However, the GDP growth in the second quarter was marginally lower in comparison with the first quarter of FY24. In the first quarter, the GDP growth stood at 7.8 per cent.
It may be noted that the Reserve Bank of India (RBI) had estimated GDP growth in the July-September quarter at 6.5 per cent. A Reuters poll of economists had estimated GDP growth at 6.8 per cent, despite the global economic slowdown.
The stronger-than-expected growth can be attributed to strong urban consumption, manufacturing, and higher government spending. Manufacturing growth came in at 13.9 per cent, while construction growth stood at 13.3 per cent.
The estimated Nominal GDP or GDP at current prices for Q2 2023-24 stands at Rs 71.66 lakh crore, reflecting a 9.1 per cent growth compared to Rs 65.67 lakh crore in Q2 2022-23, where the growth rate was 17.2 per cent.
Meanwhile, the estimated GDP at current prices for the first half of 2023-24 is Rs 142.33 lakh crore, compared to Rs 131.09 lakh crore in the corresponding period of the previous year, indicating a growth of 8.6 per cent in H1 2023-24, as opposed to 22.2 per cent in H1 2022-23.