New Delhi - India has achieved a remarkable 7.8 percent Gross Domestic Product (GDP) growth rate and is heading towards a promising future, according to Ashish Chauhan, Managing Director and Chief Executive Officer of the National Stock Exchange (NSE). Chauhan shared this news on the X social media platform, stating, 'Today evening the first quarter GDP numbers for the financial year 2023-24 have been released. The GDP growth rate has come out at 7.8 percent, which is a stupendous growth rate. With this India has become the fastest-growing large economy in the world.'

He continued, 'India GDP numbers for April-June 2023, the first quarter of the financial year 2023-24, have been released. At 7.8 percent, it is the highest in the large economies in the world. All-round growth in detailed numbers. Amazing. India is on a path to an even more glorious future.'

The Ministry of Statistics and Programme Implementation reported that the Real GDP, or GDP at constant (2011-12) prices, for Q1 2023-24 is estimated to reach Rs 40.37 lakh crore, compared to Rs 37.44 lakh crore in Q1 2022-23, indicating a growth of 7.8 percent compared to the 13.1 percent growth in Q1 2022-23.

India maintains its position as the fastest-growing major economy with a 7.8 percent GDP growth rate, while China's economy grew by 6.3 percent year-on-year in the second quarter of 2023, as per data released by the Ministry. The agriculture sector recorded a 3.5 percent growth in the same quarter of the previous fiscal, an improvement from 2.4 percent. However, the manufacturing sector's growth rate decelerated to 4.7 percent in the first quarter of the current fiscal, down from 6.1 percent in the same period last year.

Furthermore, the Ministry added that the Nominal GDP, or GDP at Current Prices, for Q1 2023-24 is estimated at Rs 70.67 lakh crore, up from Rs 65.42 lakh crore in Q1 2022-23, showing a growth of 8 percent compared to the 27.7 percent growth in Q1 2022-23.

The quarterly GDP estimates are based on indicators and compiled using the benchmark-indicator method. They extrapolate quarterly estimates from the previous year, referred to as the benchmark year, using relevant indicators that reflect sector performance.

Various ministries, departments, and private agencies provide valuable data inputs for these estimates. The next set of quarterly GDP estimates for July-September 2023 (Q2 2023-24) is scheduled for release on November 30."