Q2 GDP numbers show resilience and strength of Indian economy: Prime Minister Mr. Narendra Modi
- IBEF
- December 1, 2023
The strong GDP growth estimates for the second quarter of 2023-24 (FY24) demonstrate the Indian economy's durability and strength, Prime Minister Mr. Narendra Modi. India's GDP growth in Q2FY24 was 7.6%, much above the Reserve Bank of India's Monetary Policy Committee's (MPC) prediction of 6.5%.
In the first quarter of FY24, India's GDP increased by 7.8%. Manufacturing and construction industries led growth in Q2. Manufacturing increased by 13.9%, compared to a 3.8% decrease the previous year. Construction increased by 13.3%. The industry of electricity, gas, water supply, and utility services rose by 10.1%. Agriculture increased at a slower rate of 1.2% in the third quarter, compared to 2.5% the previous year. The MPC forecasted 6.5% GDP growth in the second quarter, but RBI Governor Mr. Shaktikanta Das anticipates an unexpected rise in GDP.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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