In a big growth, India’s financial progress decelerated to five.4% within the July-September quarter of the present fiscal 12 months, marking its slowest tempo in almost two years. This is a big drop from the 8.1% progress recorded in the identical interval final 12 months, as per official knowledge launched on Friday.
Despite the slowdown, India retained its place because the fastest-growing main economic system, surpassing China’s 4.6% GDP progress in the identical quarter.
The final time GDP progress fell under this degree was within the October-December quarter of FY2023, when it dipped to 4.3%.
Key sectoral insights
According to knowledge from the National Statistical Office (NSO), the Gross Value Added (GVA) for the agriculture sector surged to three.5% in Q2 FY2024, up from 1.7% within the corresponding quarter final 12 months. In distinction, the manufacturing sector’s GVA progress plunged to 2.2%, a pointy decline from the strong 14.3% progress recorded within the year-ago interval.
The slowdown in manufacturing emerged as the first drag on total financial progress, elevating issues concerning the sector’s restoration amidst international financial headwinds.
Performance in H1 FY2024
During the primary half of FY2024 (April-September), India’s GDP progress stood at 6%, down from 8.2% in the identical interval of the earlier fiscal 12 months. However, the GDP progress for the primary quarter (April-June 2024) was confirmed at 6.7%, remaining unchanged from earlier estimates.
Content Source: www.indiatvnews.com