Business

India’s Economy Grew by 7.8% in Q1 2024, Down from 8.4% in Previous Quarter

India’s economy expanded by 7.8% in the January-March quarter of 2024 compared to the same period a year earlier, according to government data. This growth is slightly lower than the 8.4% growth recorded in the previous quarter and below the 8.6% expansion seen in the December quarter of 2023.

The manufacturing sector saw an 8.9% year-on-year increase in output for the three months ending in March, down from the revised 11.5% growth in the previous quarter. Agricultural output growth improved to 0.6% from a revised 0.4% in the previous quarter.

Data from the National Statistical Office (NSO) indicated that India’s GDP grew by 6.2% in the January-March period of the 2022-23 fiscal year. For the full fiscal year 2023-24, the Indian economy expanded by 8.2%, up from 7% growth in 2022-23. The NSO’s second advance estimate had projected India’s growth at 7.7% for 2023-24.

Also read: Adani Ports Secures 30-Year Concession to Operate Dar es Salaam Port’s Container Terminal 2 in Tanzania

Moody’s Ratings projects India to grow by 6.8% in the current year and 6.5% in 2025, citing strong economic expansion and policy continuity post-elections. “We believe the Indian economy should comfortably register 6-7% annual real GDP growth and we forecast around 6.8% growth,” Moody’s stated.

In comparison, China’s economy grew by 5.3% year-on-year, while the US economy expanded at an annualized rate of 1.3% in the March quarter, amidst signs of easing inflation.

Kavya Bhatt

Recent Posts

Supreme Court Issues Notices To CBI & ED On Manish Sisodia’s Bail Request

On Friday, the SC issued notices to the CBI and ED regarding Manish Sisodia's request…

19 minutes ago

AI & Surveillance Systems To Revolutionize Maha Kumbh 2025 Experience

The UP government is using AI, social media, and surveillance to ensure safety for 45…

45 minutes ago

Maha Kumbh 2025: Ultra-Modern Cruises To Become A Key Attraction For Devotees

The Yogi Adityanath-led UP government will introduce luxury cruises to transport devotees from Kashi to…

2 hours ago

Aam Aadmi Party Kicks Off ‘Revdi Par Charcha’ Campaign Ahead Of Delhi Elections

On Friday, AAP launched its 'Revdi Par Charcha' campaign to engage Delhi residents in the…

2 hours ago

Canada Denies Allegations Against Indian Leadership; Rejects Criminal Links

The Canadian govt addressed allegations linking Indian leaders to criminal activities, stating there is no…

3 hours ago

Delhi-NCR Faces ‘Very Poor’ Air Quality As Smog Engulfs Region

On Friday morning, Delhi-NCR's air quality was classified as 'very poor,' with a light haze…

4 hours ago