India's GDP growth stands at 7.8% for first quarter of 2023-24, lesser than RBI's estimate of 8%

India's economic growth stood at 7.8 per cent in the first quarter (April-June) of the current fiscal, a steep fall from 13.1 per cent GDP growth recorded in the corresponding period of last year, according to data released by the ministry of statistics and programme implementation on Thursday.

However compared to 6.1 per cent growth recorded in January-March period of 2022-23, the GDP growth for the first quarter of 2023-24 was higher at 7.8 per cent.

 
"Real GDP or GDP at constant (2011-12) prices in Q1 2023-24 is estimated to attain a level of Rs 40.37 lakh crore, as against Rs 37.44 lakh crore in Q1 2022-23, showing a growth of 7.8 per cent as compared to 13.1 percent in Q1 2022-23," an official statement said.

All activities like agriculture, mining, manufacturing, electricity, construction, hotel and transport, showed a decline in the first quarter of 2023-24 against first quarter of 2022-23, the data showed.

According to RBI's monetary policy committee (MPC), the real GDP growth for first quarter of 2023-24 was projected at 8 per cent.

The GDP growth recorded for the first quarter of current fiscal though is even lesser than RBI's estimate.