India’s gross domestic product (GDP) grew 7.8% in the past quarter, up from 6.1% growth in the previous quarter, mainly due to a pickup in agriculture and services, especially financial, real estate, and professional services, and contact-intensive services of trade, hotel, and transportation.
- The Financial, Real Estate, and Professional Services sectors experienced a growth of 12.2% compared to 8.5% in the same period last year.
- The Agriculture, Forestry, and Fishing sectors grew 3.5% compared to 2.4% in the same period last year.
- The Manufacturing sector experienced a deceleration in growth, only growing at 4.7% in the first quarter of the current fiscal year compared to 6.1% in the same period last year.
- In the April-June 2023 period, the Mining and Quarrying sectors grew at 5.8%, which is lower than the 9.5% growth observed in April-June 2022.
- The Construction sector experienced a growth of 7.9% in the April-June 2023 period, which is lower than the 16% growth observed in the same period last year.
- There was a 0.7% reduction in government spending, resulting in its contribution to the GDP declining from 11% to 10.1%.
- Additionally, exports experienced a 7.7% reduction, whereas imports increased by 10%.
