The country’s GDP growth in the first quarter was 7.8 percent. Highest in last 4 quarters

GDP Growth of India: The country's GDP growth in the first quarter was 7.8 percent.  Highest in last 4 quarters

GDP Growth of India: Data related to the country’s GDP was released by the Ministry of Statistics and Program Implementation on Thursday (31 August).

India’s gross domestic product (GDP) grew by 7.8 percent in the first quarter of the current financial year i.e. April-June quarter, whereas it was 6.1 percent in the fourth quarter of the last financial year.

The Reserve Bank of India had estimated GDP growth to be 7.8 percent in the April-June quarter. Earlier, the country’s GDP growth in the financial year 2023 was 7.2 percent.

According to the data of the Ministry of Commerce and Industry, the growth rate of the core sector in July was less than 8.3 percent in the previous month. Production growth in eight sectors also slowed down to 6.4 per cent in April-July 2023-24 from 11.5 per cent in the same period a year ago.

Growth in eight core infrastructure sectors accelerated to eight per cent in July 2023 from 4.8 per cent in the same month last year, boosted by increased production of coal, crude oil and natural gas. Statistics show that the production of steel, cement and electricity has also increased in the month of July.

What is GDP? , GDP i.e. Gross Domestic Product is the total value of all goods and services produced in a country in a year. GDP reflects the level of economic activity and from this it can be seen which sectors have increased or decreased.

In India, the Central Statistics Office (CSO) estimates GDP four times a year (quarterly). It releases annual GDP growth figures every year. It is believed that a low and middle income country like India needs to achieve higher GDP growth year after year to meet the needs of the country’s growing population. GDP reflects the economic growth and development of a country over a certain period of time.

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