India's Economic Growth Rate Was 7.6 Percent In The Second quarter

Utkarsh Classes Last Updated 02-12-2023

India's Economic Growth Rate Was 7.6 Percent In The Second quarter

Economy 5 min read

The government has released the official data of the country's GDP during the second quarter (July-September) of the current financial year (2023-24) till September 30, 2023. According to this, India's economy has grown at a pace of 7.6 percent in the second quarter.

Economy boosted by sectoral growth:

According to the data released by the government, the reason for the growth of the economy is mainly due to the better performance of manufacturing, mining and service sectors, due to which India is becoming the fastest growing large economy country in the world.

Growth rate decreased compared to the first quarter:

However, the growth rate of India's economy has been lower compared to the first quarter of the financial year 2023-24. Because the growth rate in the first quarter was 7.8 percent.
However, compared to a year ago, the country's economy stood at 6.2 percent in the second quarter of the financial year 2022-23.

Chinese economy grows at 4.9%:

The data of the second quarter of the Indian economy shows that India is the fastest growing economy in the world because China had a growth rate of 4.9 percent during July-September.
Nominal GDP or gross domestic product at current prices in the second quarter of 2023-24 is estimated at Rs 71.66 lakh crore, while in the second quarter of 2022-23 it was Rs 65.67 lakh crore, which is 17.2 percent of the second quarter of 2022-23. 9.1 percent more than.

Performance of different sectors of Indian economy?

According to National Statistical Office (NSO) data, GVA (gross value added) growth of the agriculture sector slowed to 1.2 per cent in the September 2023 quarter from 2.5 per cent a year ago.
The manufacturing sector saw a growth of 13.9 per cent in GVA, compared to a decline of 3.8 per cent in the year-ago period.
Output in mining and quarrying rose 10 percent in the second quarter from a 0.1 percent decline a year earlier.
Apart from this, a growth of 6.1 percent to 10.1 percent was recorded in electricity, gas, water supply and other utility services.
Expansion in GVA of financial, real estate and professional services was 6 per cent this time, down from 7.1 per cent in the year-ago quarter.
Chief Economic Advisor V Ananth Nageswaran has said that the pace of economic growth will continue in the third quarter.
It is noteworthy that the Indian economy has grown at the rate of 7.2 percent in 2022-23. The Reserve Bank has also estimated the growth rate to be 6.5 percent.

Growth rates of other countries of the world during this period:

On one hand, India's economy is continuously registering growth, while on the other hand, other big economies of the world are continuously declining. We can see this in the following table:

Country	Growth Rate %
Japan	-2.1
Germany	-0.4
Euro Area	0.1
UK	0.6
Thailand	1.5
Malaysia	3.3
China	4.9
USA	5.2
Vietnam	5.33
Russia	5.5
Philippines	5.9
India	7.6

FAQ

Answer:- 7.6% India's economy has grown at a pace of 7.6 percent in the second quarter.

Answer:- According to the data of the current financial year 2023-24, a decrease in the GDP growth rate of the second quarter has been recorded as compared to the first quarter.

Answer:- The manufacturing sector saw a growth of 13.9 percent in GVA, compared to a decline of 3.8 percent in the year-ago period.

Answer:- The Reserve Bank has estimated the growth rate of the Indian economy to be 6.5 percent in the financial year 2023-24.