Key Takeaways
- India’s GDP rose 7.8 percent in the first quarter of FY24, the strongest quarterly growth in four quarters.
- The RBI Governor Shaktikanta Das and his rate‑setting panel had projected an 8% Q1 growth, slightly higher than the actual figure.
- A Bloomberg poll of 44 economists accurately forecast the 7.8 percent expansion, highlighting consensus among analysts.
On Thursday, August 31, the government’s statistical office released the latest GDP estimates for India, which show that the GDP, in the first quarter of April-June of FY24, grew 7.8 percent, while the growth was 6.1 percent in the January-March quarter.
The GDP growth is the highest in four quarters. Gross value added, which strips out indirect taxes and subsidies, is estimated to have grown 7.8 percent compared to 6.5 percent in the previous quarter.
It was estimated earlier that the Indian GDP will grow 7.8 percent in Q1, according to 44 economists polled by Bloomberg, and the GVA growth was expected to be 7.7 percent.
RBI Governor, Shaktikanta Das-led rate-setting panel had projected India’s real GDP growth for 2023-24 at 6.5 per cent with Q1 growth rate at 8 per cent. For fiscal 2022-23, India’s economy’s growth rate came in at 7.2 per cent, higher than the central bank’s estimate of 7 per cent. However, the pace of growth was slower as compared to 9.1 per cent recorded in FY22.
