We share the essential details about India’s Q1 2024 GDP growth rate probably above 8%, trends, predictions and more from here. The year 2024 approaches with new advances in the economic state of the country. Therefore, financial experts, investors and citizens are looking forward to knowing the first quarter GDP growth rate of India.
India First Quarter GDP Growth Rate in 2024
The economic growth of the country is crucial, considering the stability in all sectors. It is directly related to employment in the Nation. In this high-tech and fast-paced world, it is extremely important for the country to manage the growth rate of GDP.
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India’s first quarter is known for the April-June quarter, which is likely to be over 8%. We will take a deeper look at India’s Q1 2024 GDP growth rate in this article.
India’s Q1 2024 GDP growth rate likely above 8%
In general, the work of the country is developed according to internal consumption, the service sector and related tasks.
According to data from the Monetary Policy Committee, India’s Q1 2024 GDP growth rate is 8.5%. This shows that the country’s economic health is manageable. GDP is generally published on the last business day of the second quarter of a financial year.
Somya Kanti Ghosh (chief economic adviser to the group) from OSE pointed out that there are a total of 30 indicators that are recently contributing to the country’s GDP. This is an important part of the financial growth of the Nation.
India Q1 GDP growth rate
| Article title | India’s Q1 GDP growth rate in 2024 |
| Country | India |
| Current growth rate | 8.5% |
| financial year | fiscal year 2024 |
| Growth rate in the April-June quarter | 7.7 to 8.5% (Approximately) |
| projection by | Reserve Bank of India |
| Growth rate 2022 | T2: Below 13.5%, T3: 6.3% |
| reason for the fall | COVID-19 pandemic |
| Reason for a GDP transformation | Upcoming Lok Sabha Elections |
| To know more information | Click here |
India Q1 GDP Trends
According to recent trends, the financial situation of the country is in accordance with the export procedure currently applied in the country. This will include your production of the materials we are producing, along with details of sale. Other factors and sectors that contribute to the country’s GDP include transportation, hotels, industries, business, insurance, finance, real estate, commerce, and more.
The expected date for the GDP calendar is Thursday, August 31, 2023. This type of data is usually obtained by quarter depending on the factors discussed above.
India Q1 GDP growth rate by sector
The growth rate is calculated on a quarterly basis, say 4 quarters in a year. We have forked the details here for your reference.
| Details (March 2023) | Recent | Former |
| Gross domestic product growth rate | 1.90 | 1 |
| annual growth rate | 6.10 | 4.50 |
| constant prices | 43615.15 | 40226.25 |
| Gross fixed capital formation | 15380.71 | 12734.53 |
| Gross Domestic Product Growth (annual) | 7.20 | 9.10 |
| GDP (utilities) | 852.97 | 815.37 |
| GDP (Public Administration) | 4876.03 | 4813.85 |
| GDP (Mining) | 981.04 | 790.22 |
| GDP (Manufacturing) | 7382 | 6132.42 |
| GDP (Construction) | 3918.11 | 3047.10 |
| GDP (agriculture) | 6071.31 | 7004.72 |
The data in the above table shows the summary details of the GDP growth rate for 2023. We can analyze from this information that the country is gradually progressing, which means that for the next financial year there will be an improvement in this percentage .
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India Q1 GDP Growth Rate Prediction 2024
The Reserve Bank of India projection clearly establishes that the transformation of the service sector has a major contribution to India’s GDP. Lok Sabha elections are coming up and this significant increase in gross domestic product is due to one reason only.
According to the Indian Monetary Fund, a growth of 0.2% is seen in India’s growth rate, suggesting better domestic investment for fiscal year 2024. On the contrary, SBI investors say that this increase is due to the service sector of the country. It is surprising to know this data despite the spending of 27.8% by the Central Government authorities and 12.7% by the State Government.
Based on financial experts and the country’s current rates, it is very clear that India is doing the best in terms of economic growth. However, industries and sectors will continue to impact the growth rate. Please note that we have taken the data from various internet sources, so you may find a slight variation in it. Keep following BSEH.Org for the latest financial updates.
Categories: Finance
Source: vtt.edu.vn