India's Gross Domestic Product (GDP) Experienced a 7.8 Percent Expansion During The Initial Quarter of The Fiscal Year 2023-24, As Per The Reports.

Introduction With Reference

India’s gross domestic product (GDP) grew at 7.8% on an annual basis in the April-June quarter of FY24, says official data released by the National Statistical Office on Thursday, The Times of India reports. Consistent demand, higher activities in the services sector, and increased capital expenditure by the central and state governments are factors fuelling this growth, according to another report by The Economic Times. While the latest figure is higher than Q4 FY23 (6.1%), it is lower than the 13.5% recorded during April-June last year. India remains the fastest-growing major economy in the world, ahead of the United States, China, Japan, United Kingdom, and Germany.

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a Livemint report

India's gross domestic product (GDP) grew by 7.8 per cent in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1 per cent in the previous January-March quarter of fiscal 2022-23, according to official data shared by the National Statistical Office.

On a year-on-year basis, the GDP print recorded in the correpsonding period last year was 13.1 per cent. The Q1FY24 economic growth is the highest in four quarters, largely driven by a robust services sector, and strong capital expenditure.

The GDP print came in line with Street estimates that projected a growth of 7.7 per cent during the fourth quarter. However, some economists and rating agencies expect India's Q1 GDP print to beat the 8 per cent forecast of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC).

India’s Gross Domestic Product (GDP) surged to a four-quarter high of 7.8 per cent on an annual basis in the June quarter of FY24, in-line with the expectations, data released by the National Statistical Office (NSO) showed Thursday. The growth can be attributed to central and state governments opening up their wallets for capex, stronger consumption demand and higher activities in the services sector. The nominal GDP or GDP at Current Prices in the quarter registered a growth of 8.0 per cent as compared to 27.7 per cent in the first quarter of FY23.

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The Economic Times

The Economic Times. India continues to be fastest growing major economy

• India's GDP grew by 7.8 percent in the June quarter, despite government fears over the impact of higher consumer prices on household budgets. The South Asian nation overtook Britain last year to become the world's fifth-largest economy, and recently surpassed China to become the most populous country.
• Its growth has rebounded since the Covid-19 pandemic -- up 7.2 percent for the year to March -- and has remained near the top of the pack among the world's biggest economies. Thursday's figure was the highest in four quarters, with official statistics showing on-year growth of 12.2 percent for the financial, real estate and professional services sectors.
• But, like other countries, India has been buffeted by global headwinds including tightening global financial conditions, the war in Ukraine and geopolitical tensions. India's headline growth has improved despite residual global uncertainty, with the World Bank's India country director Auguste Tano Kouame saying in April the country "continues to show strong resilience to external shocks".
• The International Monetary Fund forecasts 6.1 percent GDP growth for India this year. "India is a country with growth -- very strong and continuing to be strong," IMF research department division chief Daniel Leigh said last month.

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India Today

India recorded GDP growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period, according to the National Statistical Data (NSO).

India remains the fastest-growing major economy as China's GDP growth in the April-June quarter was 6.3 per cent.

As per the NSO data, the agriculture sector recorded a 3.5 per cent growth, up from 2.4 per cent in the April-June quarter of 2022-23.

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Kevin Jose : Reference

📈 India's Q1 GDP Surges to 7.8% 📈

✅ India's Q1 GDP has been released, showing a growth rate of 7.8% in the April-June quarter of 2023-2024.

✅ The USA's economy grew by 2.1% QoQ in the April-June quarter.

✅ China's GDP rose by 6.3% YoY, while the UK's increased by 0.4% YoY in the same period.

✅ Japan's GDP expanded by 6% YoY, while Germany's adjusted GDP contracted by 0.2% YoY in the same quarter...…..

𝗗𝗲𝘀𝗽𝗶𝘁𝗲 𝗴𝗹𝗼𝗯𝗮𝗹 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗽𝗿𝗲𝘀𝘀𝘂𝗿𝗲𝘀, 𝗜𝗻𝗱𝗶𝗮 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲𝘀 𝘁𝗼 𝘀𝗵𝗶𝗻𝗲 𝗮𝘀 𝗼𝗻𝗲 𝗼𝗳 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱'𝘀 𝗳𝗮𝘀𝘁𝗲𝘀𝘁-𝗴𝗿𝗼𝘄𝗶𝗻𝗴 𝗺𝗮𝗷𝗼𝗿 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗲𝘀….

Check out the 𝗣𝗠𝗜 𝗶𝗻𝗱𝗲𝘅 score of India and other top economies here.https://lnkd.in/gzvNqT7s

Follow To (Kevin Jose) for more interesting insights

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Ramesh Kotnana : Reference

India's economic growth set to accelerate to its fastest in a yearIndia's economy grew at its fastest pace in a year in the April-June quarter, driven by services and manufacturing, #data is expected to show on Thursday, though economists warn of a slowdown ahead.According to the median forecast (INGDPQ=ECI) in a Reuters poll of #economists, India's gross domestic product (GDP) grew 7.7% in the past quarter, up from 6.1% growth in the previous quarter and its fastest expansion since April-June 2022.Economists say lower commodity prices helped #manufacturers increase margins and offset the impact of 250 basis points of cumulative interest rate increases since May 2022.Suvodeep Rakshit, economist at Kotak Institutional Equities said he expected growth to be driven by #services on the output side and #investment on the expenditure side.Strong growth in India's services sector, which makes up more than half of its economic output, has helped Asia's third-largest economy buck the global slowdown that has left many major economies, including China, stuttering.To support growth, Indian government has been front-loading its annual spending on #infrastructure. In the first three months of the fiscal year that started on April 1, India had spent nearly 28% of its #capitalexpenditure budget of 10 trillion Indian rupees ($120.91 billion).

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Alby Varghese : Reference

India's GDP in its fastest pace!--India's GDP grew at its fastest pace in a year, with a 7.7% rise in the April-June quarter, according to a Reuters survey of economists. The growth was fueled by services and manufacturing. This growth marks a significant improvement from the previous quarter's 6.1% rise. However, economists predict a dip ahead.Lower commodity prices have helped manufacturers increase margins and offset the impact of cumulative interest rate increases since May 2022, according to economists. Analysts predict that growth will be driven by services on the output side and investment on the expenditure side.India's services sector has been a key driver of its economic growth, accounting for more than half of its GDP. This has enabled the country to remain resilient against the global economic slowdown, with the S&P Global India services Purchasing Managers' Index remaining above 50 for nearly two years. The Indian government has also been proactive in supporting growth by front-loading its annual spending on infrastructure. Furthermore, a 3% decline in wholesale prices is expected to contribute to strong headline growth by reducing the "GDP deflator" used to calculate real economic growth.

#GDP #India #Economy #GDPgrowth

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Challenges and Hurdles

No economic story is without its challenges and hurdles, and India's Q1 GDP growth is no exception. Inflationary pressures, supply chain disruptions, and a tightening monetary policy have posed challenges to sustained growth.

Inflation, in particular, has been a cause for concern. Rising prices for essential goods and services can erode purchasing power and affect the standard of living for citizens. The government and central bank have been working to strike a delicate balance between economic growth and price stability.

Investor Confidence and Foreign Direct Investment (FDI)

One of the indicators of a nation's economic health is the level of foreign direct investment it attracts. India's attractiveness as an investment destination has continued to grow, driven by policy reforms and a burgeoning middle class.

The relaxation of FDI norms in various sectors, coupled with efforts to improve the ease of doing business in India, has lured investors from around the globe. This influx of capital has not only contributed to GDP growth but also signaled international confidence in India's economic potential.

The Road Ahead: Projections and Forecasts

As we venture further into 2023, all eyes are on the road ahead. What can we expect for the remainder of the year? Economists and analysts have their projections, and these forecasts will have a significant impact on policy decisions and investment strategies.

It's important to note that economic forecasting involves a degree of uncertainty. Factors such as global geopolitical developments, natural disasters, and unforeseen events can sway the trajectory of a nation's economy. Nonetheless, experts are cautiously optimistic about India's growth prospects, with expectations of steady improvement throughout the year.

Conclusion: The Tapestry of India's Economic Growth

In conclusion, India's Q1 GDP growth is a tapestry woven from a multitude of threads—government policies, sectoral performance, global factors, and domestic challenges. Understanding this tapestry requires a nuanced approach that considers all these elements.

India's journey toward economic prosperity continues, and the Q1 GDP growth figures are a testament to its resilience and potential. As we navigate the intricate patterns of this economic tapestry, it's clear that India's story is one of adaptation, innovation, and growth.

In the next section of this blog post, we'll delve even deeper into specific sectors and regions that have played pivotal roles in India's Q1 GDP growth, providing a comprehensive analysis of the driving forces behind the numbers.

Stay tuned for more insights and a closer look at the dynamic aspects of India's economy in the coming sections.