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 due to China's GDP growth rate of 4.6 percent in the July-September quarter this year. The previous low level of GDP growth rate was 4.3 percent in FY 2022. -23 was recorded in the third quarter (October-December 2022).
Gross domestic product (GDP) growth was below RBI's estimate of 7%. According to National Statistical Office (NSO) data, the GVA (gross value added) of the agriculture sector is expected to grow by 1.7 per cent in 2023-24 from 1.7 per cent a year ago. It increased to 3.5 percent in the July-September quarter.
The GVA growth of the manufacturing sector declined to 2.2 percent in the second quarter of the current financial year, whereas it had registered a growth of 14.3 percent a year ago.
202The country's gross domestic product (GDP) growth during the April-September period in 2024-25 stood at 6 per cent compared to 8.2 per cent in the first half of the last financial year. GDP growth remained unchanged at 6.7 percent in the first quarter of the current financial year.
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