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| Photo Credit: Reuters
India’s Gross Domestic Product (GDP) grew 6.3% in the July to September quarter, with the Gross Value Added (GVA) in the economy rising 5.6%, as per estimates released by the National Statistical Office. The first quarter of the year had clocked GDP growth of 13.5%, with GVA rising 12.7%.
While GVA from agriculture accelerated to rise 4.6% in the second quarter, manufacturing and mining GVA contracted 4.3% and 2.8%, respectively, in the second quarter, compared to a year ago.
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The sharpest GVA growth in Q2 was reported by the trade, hotels, transport, communication & services related to the broadcasting segment, which grew 14.7%, followed by financial, real estate and professional services, whose GVA increased 7.2%, and construction which was up 6.6%.
For the first half of 2022-23, the Indian economy has recorded a 9.7% growth in GDP, compared to 13.7% in the same period last year, with GVA rising 9%, compared to its 12.8% surge between April 2021 and September 2021.