Despite a tangible growth downturn in the farm and services sectors as well as consumer spending, India’s Gross Domestic Product (GDP) grew at a higher-than-expected 7.6% in the July to September 2023 quarter, as per initial estimates from the National Statistical Office.
The second quarter (Q2) growth was slightly lower than the 7.8% rise in the previous quarter, but well over the central bank’s projected uptick of 6.5%. Growth in the Gross Value Added (GVA) in the economy eased slight to 7.4% in the second quarter (Q2) of 2023-24, from 7.6% in Q1. But the GVA growth in the farm sector skidded sharply to just 1.2% from 3.5% in Q1 while it more than halved for services sectors such as trade, hotels and transport from 9.2% in Q1 to 4.3%.
