Double digit growth in four sectors powers second quarter GDP growth to 7.6% : The Tribune India

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Double digit growth in four sectors powers second quarter GDP growth to 7.6%

GDP growth in the first quarter of current fiscal — April-June — was 7.8 per cent

Double digit growth in four sectors powers second quarter GDP growth to 7.6%

Photo for representational purpose only. iStock



Tribune News Service

Sandeep Dikshit

New Delhi, November 30

The Indian economy beat expectations to grow by 7.6 per cent during the July-September quarter of the current financial year 2023-24, thus retaining its tag as the world’s fastest growing major economy. The GDP growth in the first quarter of the current fiscal — April-June — was 7.8 per cent.

In quantitative terms, at the end of the second quarter the economy stood at Rs 41.74 lakh crore. This was about Rs. 3 lakh crore higher than in the second quarter in the last fiscal when the growth was 6.2 per cent, according to the Ministry of Statistics and Programme Implementation.

The Reserve Bank of India (RBI) had maintained real GDP growth for 2023-24 at 6.5 per cent with Q2 at 6.5 per cent; Q3 at 6.0 per cent; and Q4 at 5.7 per cent.

Of the eight subgroups used to calculate the country’s GDP, agriculture grew by only 1.2 per cent as against 3.5 per cent growth recorded in the first quarter.

The biggest growth was recorded by the manufacturing sector which grew by a whopping 13 per cent to Rs. 7.15 lakh crore as against 6.67 lakh crore in the first quarter. In other words, the manufacturing sector grew by Rs 48,000 crore in just three months.

Mining and quarrying sector also posted a healthy growth rate of 10 per cent. But this was also because of the low base as compared with the second quarter of the previous fiscal when there was a decline of 0.1 per cent.

 Two other sectors – electricity and construction – also recorded double digit growth figures. The electricity sector grew by 10 per cent and construction by 13.3 per cent.

The growth in trade, hotels and transport segment was tepid at 4.3 per cent. Financial, real estate and professionals segment grew at six per cent while public administration and defence by 7.4 per cent.

 

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