The GDP of India expanded by 7.8% in the initial quarter (April–June) of this fiscal year, marking a significant drop from the 13.1% growth achieved during the same period last year. The Ministry of Statistics and Program Implementation released this data on Thursday. However, compared to the 6.1% growth in the preceding January–March quarter of 2022–23, the GDP growth for the first quarter of 2023–24 was higher at 7.8%.
An official statement stated that the real GDP, measured at constant (2011–2012) prices, reached about Rs 40.37 lakh crore in Q1 2023–24, in contrast to Rs 37.44 lakh crore in Q1 2022–23, displaying a growth of 7.8% compared to the 13.1% in Q1 2022–23.
The data revealed a decline in all sectors, including agriculture, mining, manufacturing, electricity, construction, hotels, and transportation, during the initial quarter of 2023–24 when compared to the same quarter in 2022–23.
While the Reserve Bank of India’s (RBI) monetary policy committee (MPC) had projected a real GDP growth of 8% for the first quarter of 2023–24, the actual growth rate recorded in the current fiscal’s first quarter was even lower than the RBI’s estimate.
FAQ
What is GDP?
Gross Domestic Product (GDP) is the total value of all goods and services produced inside a country’s boundaries over a specific time period.
GDP’s full meaning
GDP’s full meaning is gross domestic product (GDP).
What is the GDP formula?
The formula used to compute GDP is GDP = C + I + G + (X – M), where C represents consumption, I represents investment, G represents government spending, X represents exports, and M represents imports.
What is nominal GDP?
Nominal GDP is the total value of all goods and services produced and provided by a nation, calculated using current prices and ignoring inflation.
How do you calculate nominal GDP?
Simply sum up all of the revenue generated by all of the goods and services a nation produces and provides, using the current market pricing for those items, to determine nominal GDP.
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