India's GDP Growth Stands At 7.8% For First Quarter Of 2023-24, Lesser Than RBI's Estimate Of 8%

New Delhi: India's economic growth stood at 7.8 percent in the first quarter (April-June) of the current fiscal, a steep fall from 13.1 percent GDP growth recorded in the corresponding period of last year, according to data released by the Ministry of statistics and programme implementation on Thursday.

However, compared to the 6.1 percent 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 percent. (Also Read: Innovative Business Idea: Invest Rs 5,000 To Rs 10,000 And Earn Rs 1800 To Rs 3000 Per Day - Unlocking Daily Dividends)
 
"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 percent as compared to 13.1 percent in Q1 2022-23," an official statement said. (Also Read: Best Upcoming Phones In September 2023: 10 Smartphones To watch Out For)

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

According to RBI's monetary policy committee (MPC), the real GDP growth for the first quarter of 2023-24 was projected at 8 percent. The GDP growth recorded for the first quarter of the current fiscal though is even lesser than RBI's estimate.