GDP Growth / Another big good news in India regarding GDP! Latest report has arrived

GDP Growth: India's GDP has increased by 7.8 percent in the first quarter of 2023-24. It is being told that due to the better performance of the agriculture sector, the country's economic growth rate stood at 7.8 percent in the April-June quarter of the current financial year 2023-24. According to the data released on Thursday by the National Statistical Office ie NSO, the growth rate of Gross Domestic Product (GDP) was 13.1 percent in the same quarter of the last financial year 2022-23. With this, India remains the fastest growing country among the major economies. China's GDP growth rate stood at 6.3 percent in the April-June quarter.

Know, how much growth was there in which sector

Explain that GDP refers to the total value of goods and services produced in a country in a given period. According to NSO data, the growth rate of agriculture sector stood at 3.5 per cent in the quarter under review as compared to 2.4 per cent in the same quarter of the previous financial year. However, manufacturing sector growth slowed to 4.7 per cent in the June quarter from 6.1 per cent in the year-ago quarter. The GDP growth rate was 6.1 percent in the January-March quarter of 2022-23 and 4.5 percent in the October-December quarter.

Figures released regarding fiscal deficit as well

Let us tell you that earlier it was informed in the government data that in the first 4 months of the current financial year 2023-24, the fiscal deficit of the central government has reached 33.9 percent of the target for the entire year. According to data released by the Controller General of Accounts (CGA) on Thursday, the fiscal deficit from April to the end of July was Rs 6.06 lakh crore in real terms. The fiscal deficit in the same period last year was 20.5 per cent of the total budget estimate.

Fiscal deficit was 6.4 percent in the last financial year

In the budget for the current financial year 2023-24, the government had estimated to bring down the fiscal deficit to 5.9 percent of the gross domestic product (GDP). In the last financial year (2022-23), the fiscal deficit was 6.4 percent of GDP, while the initial estimate was 6.71 percent. The difference between the income and expenditure of the government is called fiscal deficit. This is an indication of the total borrowing required by the government. Giving details of the revenue-expenditure data of the Central Government in the first 4 months of the current financial year, the Controller General of Accounts said that the net tax revenue during this period stood at Rs 5.83 lakh crore, which was 25 percent of the budget estimate for the entire financial year.

Controller General of Accounts gave many more figures

Net tax revenue collection at the end of April-July, 2022 stood at 34.4 per cent. The total expenditure of the central government during April-July, 2023 stood at Rs 13.81 lakh crore, which is 30.7 per cent of the budget estimate. In the same period a year ago, expenditure stood at 28.6 per cent of the budget estimate. Of the total expenditure of the government, Rs 10.64 lakh crore belonged to the revenue account and Rs 3.17 lakh crore to the capital account.