🐽India's economic growth slowed to near two-year low of 5.4 per cent in the July-September quarter of this fiscal due to poor performance of manufacturing and mining sectors, but the country continued to remain the fastest-growing large economy, data showed on Friday.
ꦰThe gross domestic product (GDP) had expanded by 8.1 per cent in the July-September quarter of 2023-24 fiscal.
💎The previous low level of GDP growth at 4.3 per cent was recorded in the third quarter (October-December 2022) of financial year 2022-23.
🐬However, India remained the fastest-growing major economy as China's GDP growth in the July-September quarter this year was at 4.6 per cent.
🎐According to the National Statistical Office (NSO) data, the growth of agriculture sector GVA (Gross Value Added) accelerated to 3.5 per cent in the latest July-September quarter from 1.7 per cent a year ago.
﷽The GVA in the manufacturing sector slowed to 2.2 per cent in the second quarter of the current fiscal compared to an expansion of 14.3 per cent in the year-ago period.
🅘As per the data, the output (GVA) in the 'mining and quarrying' contracted to 0.01 per cent in the second quarter against a growth of 11.1 per cent a year ago.
ܫThe expansion in financial, real estate and professional services' GVA was 6.7 per cent, up from 6.2 per cent in the year-ago quarter.
✃Electricity, gas, water supply and other utility services grew by 3.3 per cent, slower than 10.5 per cent a year ago.
🐬The construction sector recorded a growth of 7.7 per cent in the second quarter, down from 13.6 per cent year on year.
🎐The growth in gross domestic product (GDP) during the April-June quarter of 2024-25 remained unchanged at 6.7 per cent.
🍨"Real GDP or GDP at constant prices in Q2 of 2024-25 is estimated at Rs 44.10 lakh crore, against Rs 41.86 lakh crore in Q2 of 2023-24, showing a growth rate of 5.4 per cent," the NSO said in a statement.
🧸Nominal GDP or GDP at current prices in Q2 of 2024-25 is estimated at Rs 76.60 lakh crore, against Rs 70.90 lakh crore in Q2 of 2023-24, showing a growth rate of 8.0 per cent, it added.
🍒On half-yearly basis, the statement said the real GDP or GDP at constant prices in April-September of 2024-25 (H1 FY25) is estimated at Rs 87.74 lakh crore, against Rs 82.77 lakh crore in the first half of 2023-24, showing a growth rate of 6 per cent.
🎐Nominal GDP or GDP at current prices in H1, 2024-25 is estimated at Rs 153.91 lakh crore, against Rs 141.40 lakh crore in H1 of 2023-24, showing a growth rate of 8.9 per cent, it stated.
📖Meanwhile, the government data showed that the Centre's fiscal deficit at the end of the first seven months of the current financial year touched 46.5 per cent of the full-year target.
ౠIn absolute terms, the fiscal deficit -- the gap between government's expenditure and revenue -- was at Rs 7,50,824 crore during April-October period, according to data released by the Controller General of Accounts (CGA).
♎The deficit stood at 45 per cent of the Budget Estimates (BE) in the corresponding period of 2023-24.
