India's Q1 FY24 GDP surges to 7.8%

04 Sep 2023 CW Team

India's economy recorded its fastest growth in four quarters, registering a 7.8% increase in the April-June period of FY24. This growth, which is slightly below the central bank's estimate, was attributed to a favourable base and a substantial rise in investment.

The Reserve Bank of India (RBI) had projected that the gross domestic product (GDP) would expand by 8% in Q1 of FY24.

According to data released by the National Statistical Office, the services sector was the driving force behind the growth in this quarter. As a result, the economy is now 13.8% larger than it was in the pre-pandemic first quarter of FY20, in real terms.

However, analysts express concerns that increasing interest rates, a weakening monsoon, and reduced global demand could decelerate economic growth for the remainder of the fiscal year.

D K Joshi, the chief economist at CRISIL, commented that the first quarter of FY24 was expected to witness the highest growth for the year. He noted, "The growth in the July-September quarter will be tempered by declining consumption, as rising inflation will erode discretionary spending power. Throughout the year, challenges stemming from the slowdown in global growth and the delayed impact of interest rate hikes will come into play. Furthermore, if the dry weather conditions experienced in August persist into September, agricultural output may be affected. Nonetheless, our current projection of 6% GDP growth for this fiscal year would position India as the fastest-growing G20 nation this year."

In the June quarter, gross value added (GVA) at basic prices expanded by 7.8%, and nominal GDP increased by 8% due to low wholesale price inflation.

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