PM Modi hails GDP numbers, says 'displays Indian economy’s strength'
India's economy grew 7.6% in the second quarter of 2023-'24 (July-September), data shared by the government showed.
Prime Minister Narendra Modi on Thursday said that the Gross Domestic Product numbers for the second quarter of the year display the resilience and strength of the Indian economy in the middle of "testing times globally".
Modi said that his government is committed to ensuring fast-paced growth to create more opportunities, and rapid eradication of poverty in the country.
"The GDP growth numbers for Q2 display the resilience and strength of the Indian economy in the midst of such testing times globally. We are committed to ensuring fast paced growth to create more opportunities, rapid eradication of poverty and improving ‘Ease Of Living’ for our people," the prime minister wrote on X.
India's economy grew 7.6% in the second quarter of 2023-'24 (July-September) and remained the fastest-growing large economy, data shared by the government showed. Last, the GDP was at 6.2% in the said quarter.
The numbers put India as the fastest-growing major economy, as China posted a 4.9% growth in July-September 2023.
On Thursday, the Ministry of statistics and programme implementation attributed the rise mainly due to better performance by the manufacturing, mining and services sectors.
According to the National Statistical Office (NSO) data, the agriculture sector GVA (Gross Value Added) growth decelerated to 1.2% in the September 2023 quarter from 2.5% a year ago. The expansion in financial, real estate and professional services' GVA was 6%, down from 7.1% in 2022.
In the manufacturing section, the GVA showed a growth of 13.9% in the second quarter of the current fiscal compared to a contraction of 3.8% in the year-ago.
Electricity, gas, water supply and other utility services' grew by 10.1% from 6.1%. The construction sector recorded a growth of 13.3% year-on-year in the second quarter. It was 5.7% last year.
The next release of quarterly GDP estimates for the third quarter (October-December) will be released on February 29.
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