Image for representation purposes only. | photo credit: Reuters
India’s gross domestic product (GDP) grew by 6.3% in the July-September quarter, with gross value added (GVA) in the economy growing by 5.6%, according to estimates released by the National Statistics Office. The first quarter of the year saw GDP growth of 13.5%, with GVA up 12.7%.
While the GVA of agriculture accelerated to increase by 4.6% in the second quarter, the GVA of manufacturing and mining contracted by 4.3% and 2.8%, respectively, in the second quarter, compared to compared to a year ago.
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The strongest GVA growth in Q2 was recorded by trade, hospitality, transport, communication and services related to the audiovisual segment, which increased by 14.7%, followed by financial services , real estate and professionals, whose GVA increased by 7.2%, and construction which increased by 7.2%. up 6.6%.
For the first half of 2022-2023, India’s economy recorded GDP growth of 9.7%, up from 13.7% in the same period last year, with GVA up 9%, against its surge by 12.8% between April 2021 and September 2021.