India’s economy grew 5.4 percent in July-September

Delhi Delhi. According to official data released on Friday, India’s economic growth rate declined to 5.4 percent in the July-September quarter of the current financial year, from 8.1 percent in the same quarter last year. The main reason for this is the poor performance of the manufacturing sector. India remained the fastest growing major economy as China’s GDP growth rate stood at 4.6 percent in the July-September quarter this year. The previous low of GDP growth rate of 4.3 percent was recorded in the third quarter (October-December 2022) of FY 2022-23.

Gross domestic product (GDP) growth remained below the RBI’s estimate of 7%. According to data from the National Statistical Office (NSO), the GVA (gross value added) of the agricultural sector grew from 1.7 percent a year ago to 3.5 percent in the July-September quarter of 2023-24.

The manufacturing sector’s GVA growth declined to 2.2 per cent in the second quarter of the current fiscal year, as against 14.3 per cent growth a year ago. The country’s gross domestic product (GDP) growth during the April-September period in 20224-25 stood at 6 per cent as compared to 8.2 per cent in the first half of the previous fiscal. GDP growth remained unchanged at 6.7 per cent in the first quarter of the current fiscal year.