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.

Also read:
Real estate loans soar, reflecting strong demand
Table Space to expand with Rs 10 billion investment

Infrastructure Urban

01 Aug 2026

AI Data Centre Leaders Map India’s Infrastructure Roadmap

Mumbai, 22 July 2026: As artificial intelligence reshapes global digital infrastructure, industry leaders gathered in Mumbai today at the AI-Powered Data Centre Conference 2026 to discuss how India can build the capacity, technology and ecosystem required to emerge as a global AI infrastructure hub. Organised by ASAPP Info Global Group and conceptualised by FIRST Construction Council, the conference revolved around the theme, “From Capacity Gap to AI Superpower: Building India's Digital Backbone for the Intelligence Economy.” Bringing together developers, technology providers, enterpr..

SCLR Extension Nears Completion Linking BKC With Signal-Free Route

The Santacruz-Chembur Link Road (SCLR) extension towards Bandra-Kurla Complex (BKC) via the Mumbai University campus has entered its final stage, bringing motorists closer to a direct, signal-free connection between the Western Express Highway and the city’s commercial district. The elevated connector is being built as an arm from the SCLR alignment and will link the western suburbs with BKC without surface signals. The link is designed to reduce journey times for commuters travelling from the western suburbs to BKC and to improve access to eastern Mumbai. By carrying through traffic above s..

Raiganj MP Seeks Bengal Only Highway Link To Siliguri

Raiganj Member of Parliament Kartik Chandra Paul met Union Minister for Road Transport and Highways Nitin Gadkari in New Delhi to press for a new stretch of national highway in North Dinajpur district. He urged approval for a Bengal-to-Bengal link that would connect National Highways 12 and 27 to allow vehicles bound for Siliguri to avoid the current route through Kishanganj in neighbouring Bihar. He also submitted a proposed alignment of the new road to the ministry for consideration. At present vehicles from Raiganj travel along NH-12 and join NH-27 at Purnia More in Dalkhola, a route that p..