India’s Gross Domestic Product (GDP) growth for the July-September period registered at an impressive 7.6 percent, surpassing all prior estimates, according to the latest data from the Ministry of Statistics and Programme Implementation, released on November 30. This figure notably exceeds the Reserve Bank of India’s (RBI) prediction of 6.5 percent growth for the quarter.
Comparatively, the Indian economy had expanded by 7.8 percent in the April-June quarter and by 6.2 percent in the July-September quarter of 2022. The substantial growth in the recent quarter is primarily attributed to increased activity in the manufacturing and construction sectors.
Sector-Wise Performance:
- Manufacturing Sector: Experienced a significant increase in Gross Value Added (GVA), growing by 13.9 percent year-on-year, up from 4.7 percent in the previous quarter.
- Construction Sector: Witnessed a rise to 13.3 percent from 7.9 percent in April-June.
- Agricultural Sector: Saw a slowdown in growth, dropping to 1.2 percent from 3.5 percent in the earlier quarter.
- Mining and Quarrying: Showed a robust growth of 10 percent year-on-year, recovering from a -0.1 percent decline previously.
- Trade, Hotels, Transport, Communication, and Services: Slowed to 4.3 percent growth, down from 15.6 percent year-on-year.
- Electricity, Gas, Water Supply, and Other Utility Services: Grew at 10.1 percent, up from 6 percent in the same period last year.
Expenditure Trends:
- Private Final Consumption Expenditure: Decreased to 3.1 percent growth, compared to 6.0 percent in April-June and 8.3 percent a year ago.
- Gross Fixed Capital Formation: Increased by 11.0 percent, compared to 8.0 percent in April-June and 9.6 percent in July-September 2022.
- Government Expenditure: Rose significantly by 12.4 percent.
These statistics highlight India’s resilient economic growth amidst global challenges and indicate varying trends across different sectors, reflecting the diverse drivers of India’s economic engine.
