India's Economy Grows 6.7% Y/Y in April-June Quarter

India's GDP up by 6.7% in Q1 FY23

India's economy grew by 6.7% in the second quarter of this fiscal year, according to data released on Wednesday by the National Statistical Office (NSO).

This is down from the 8% growth recorded in the previous quarter but still higher than the 4.1% growth seen in the same period last year.

Key highlights

• The growth was driven by strong performance in the manufacturing and services sectors.
• Agriculture sector grew by 2.9%.
• The gross value added (GVA) at constant (2011-12) prices in Q1 of 2022-23 is estimated at Rs.36.85 lakh crore, as against Rs.34.46 lakh crore in Q1 of 2021-22, showing a growth of 6.7 per cent.

The NSO said that the growth in the manufacturing sector was driven by increased production of automobiles, pharmaceuticals, and electronics.

The growth in the services sector was driven by increased activity in the trade, hotels, and transportation sectors.

The Reserve Bank of India (RBI) has projected India's GDP growth at 7.2% for the current fiscal year.