India's GDP grows 7.8% in March quarter; 8.2% in FY24

India's economy grew 7.8% in the March quarter, pushing up the annual growth rate to 8.2%, according to official data released on Friday.

Growth in the January-March period was lower than the 8.6% expansion in the December quarter.

The gross domestic product (GDP) had expanded 6.2% in the January-March period of the 2022-23 fiscal year, according to data released by the National Statistical Office (NSO).

As per the data, the economy expanded 8.2% in 2023-24 against a 7% growth in 2022-23.

The NSO in its second advance estimate of national accounts had pegged the country's growth at 7.7% for 2023-24.

China has registered an economic growth of 5.3% in the first three months of 2024.

Earlier it was estimated to grow 7.3% in the 2023-24 fiscal against 7.2% a year ago, mainly due to good show by mining and quarrying, manufacturing and certain segments of the services sectors.

As per the first advance estimates of national income released by the National Statistical Office (NSO) on Friday, the manufacturing sector output is estimated to grow to 6.5% in the current fiscal compared to 1.3% in 2022-23.

Similarly, mining sector growth is estimated at 8.1% in the current fiscal against 4.1% in 2022-23. Financial services, real estate, and professional services are estimated to record a growth of 8.9% this fiscal compared to 7.1% in FY23.

(Additional inputs added for context)