India’s GDP growth: 7.8%, below RBI’s estimate of 8%

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

However compared to 6.1 per cent growth recorded in 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 lac crore, as against Rs 37.44 lac 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.