IANS | 30 Nov, 2023
India's economy grew at 7.6% in the July-September quarter of the
current financial year despite a slowdown in agriculture as the robust
performance of the manufacturing sector and high government expenditure
on big ticket infrastructure projects kept up the growth momentum,
according to data released by the Ministry of Statistics on Thursday.
The
growth in the second quarter is a tad lower than the first quarter
growth of 7.8 per cent due to the erratic monsoon hitting the farm
sector. India’s GDP growth rate for the first half of 2023-24 now works
out to 7.7 per cent.
The agriculture sector posted a growth rate
of a mere 1.2 per cent in the July-Sept quarter compared to 3.5 per cent
in the previous quarter.
However, the manufacturing sector
clocked a robust growth rate of 13.9 per cent, which, along with the
high government capex expenditure, went a long way to make up for the
setback. Private consumption remained strong during the quarter which
helped to lift the growth of the manufacturing sector.
The services and mining sectors also posted a strong performance during the quarter.
