GDP growth slows to 5-quarter low of 6.7%
Business Standard
|August 31, 2024
BUT GROSS VALUE ADDED GROWTH PICKS UP PACE IN Q1 | RAINS, LOWER INFLATION MAY HELP IN CONSUMPTION RECOVERY
India's growth in the June quarter 6.7 per cent came down to a five-quarter low due to a lower increase in net indirect taxes during the three-month period.
Growth in gross domestic product (GDP) has been lower than what the Reserve Bank of India (RBI) predicted at 7.1 per cent - and what a poll of 52 economists by Reuters had said -6.9 per cent.
The data, released by the National Statistical Office, however, showed growth in gross value added (GVA) picked up sequentially in the June quarter at 6.8 per cent compared to 6.3 per cent in the March quarter of FY24 due to lower "net taxes on products", which is arrived at by subtracting subsidies from indirect taxes. GDP is arrived at by adding net indirect taxes to GVA.
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