The economy grew 7.8% in the first quarter, just below the RBI estimate. Economists say growth is likely to slow in the rest of the year due to low rainfall, high inflation and global concerns.
Economy Business
Growth in India’s Gross Domestic Product (GDP) and the Gross Value Added (GVA) in the economy sped to a four-quarter high of 7.8% in the first quarter of this financial year, but economists reckon that a weak monsoon, high inflation and global headwinds could temper the pace of growth through the rest of 2023-24. Manufacturing GVA grew for the second quarter in a row, after half a year of contraction, with the pace of growth picking up slightly to 4.7% in the first quarter (Q1) of the year, from 4.5% in the previous quarter.
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