GDP growth higher at 7.8 pc in Q1 2023-24 compared to 6.1 pc in last quarter 2022-23

The Indian economy grew at a rate of 7.8% in the first quarter (April-June) of the current fiscal year. This is a significant drop from the GDP growth rate of 13.1% recorded during the same period last year, according to data released by the Ministry of Statistics and Programme Implementation on Thursday.

However, compared to 6.1 per cent growth recorded in the January-March period of 2022-23, the GDP growth for the first quarter of 2023-24 was higher at 7.8 per cent.
 
“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 percent in Q1 2022-23,” an official statement said.

All activities like agriculture, mining, manufacturing, electricity, construction, hotel and transport, showed a decline in the first quarter of 2023-24 against first quarter of 2022-23, the data showed.

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

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

Highlights : Gross Domestic Product (GDP) for the April-June quarter (Q1) of 2023-24, both at Constant (2011-12) and Current Prices are: 

 1. Quarterly estimates of Gross Value Added (GVA) at Basic Prices by kind of economic activity and expenditure components of GDP for the years 2021-22, 2022-23 and 2023-24 at Constant (2011-12) and Current Prices are given in Statements 1 to 4.

2.  Real GDP or GDP at Constant (2011-12) Prices in Q1 2023-24 is estimated to attain a level of ₹ 40.37 lakh crore, as against ₹ 37.44 lakh crore in Q1 2022-23, showing a growth of 7.8 percent as compared to 13.1 percent in Q1 2022-23.

3.  Nominal GDP or GDP at Current Prices in Q1 2023-24 is estimated at ₹ 70.67 lakh crore, as against ₹ 65.42 lakh crore in Q1 2022-23, showing a growth of 8.0 percent as compared to 27.7 percent in Q1 2022-23.

4.  Quarterly Estimates of GDP are indicator-based and are compiled using the benchmark-indicator method.

5. Total tax revenue used for GDP compilation includes non-GST revenue as well as GST Revenue.

6. The next release of quarterly GDP estimates for the quarter July-September, 2023 (Q2 2023-24) will be on 30.11.2023. (Edited)