India’s real Gross Domestic Product (GDP) grew 7.8% in the April-June quarter
- IBEF
- September 1, 2023
In the first three months of 2023-24, which concluded on June 30, 2023, India's gross domestic product (GDP) increased by 7.8%, according to information issued by the Ministry of Statistics and Programme Implementation (MoSPI).
The GDP growth rate in the April-June quarter of last year was 13.1%. Indian GDP grew by 6.1% in the previous quarter, which ended on March 31, 2023. In its most recent bi-monthly monetary policy report, the Reserve Bank of India (RBI) set the GDP growth rate for the June quarter at 8%.
RBI Governor Mr. Shaktikanta Das said, "Real GDP growth for 2023-24 is projected at 6.5% with Q1 at 8%; Q2 at 6.5%; Q3 at 6.0%; and Q4 at 5.7%”.
Additionally, the State Bank of India (SBI), the largest lender in the nation, anticipated the growth to be 8.3%, and the domestic credit rating agency, Investment Information and Credit Rating Agency (ICRA) predicted an even higher estimate of 8.5%. Barclays predicted 7.8% GDP growth in the first quarter.
Finance Minister Ms. Nirmala Sitharaman stated that exceptional Q1 results were expected while speaking at the B20 Summit India 2023. She remarked, "As things stand, nobody has a clue. But everybody feels that yes, the first quarter did go well, so the numbers should be good".
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
