India's Q1FY24 GDP grows 7.8%, highest in last four qtrs
New Delhi: India’s GDP grew at the rate of 7.8% in the first quarter of the Financial Year 2023-24, according to the data released by the National Statistical Office (NSO) on Thursday.
The significant upward trend in the GDP comes riding on the higher capex on infrastructure by the Centre and the states and stronger demand spurred by growing consumption and increased activities in the services sector.
In the quarter under review, nominal GDP, or GDP at Current Prices showed a growth of 8.0 percent while it was 27.7 percent in the first quarter of FY23.
The contact-intensive sectors including trade, hotels, transport and communication showed a marginal improvement of 9.2 percent in the June quarter of the ongoing financial year against the last quarter when it stood at 9.1 percent.
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