{"id":136703,"date":"2023-09-01T16:47:01","date_gmt":"2023-09-01T11:17:01","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=136703"},"modified":"2023-09-01T16:47:02","modified_gmt":"2023-09-01T11:17:02","slug":"indian-economy-remains-resilient-with-7-8-growth-in-q1-of-fy-2023-24","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/indian-economy-remains-resilient-with-7-8-growth-in-q1-of-fy-2023-24\/","title":{"rendered":"Indian Economy Remains Resilient with 7.8% Growth in Q1 of FY 2023-24"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/indian-economy-remains-resilient-with-7-8-growth-in-q1-of-fy-2023-24\/#Quarterly_Estimates_by_NSO\" >Quarterly Estimates by NSO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/indian-economy-remains-resilient-with-7-8-growth-in-q1-of-fy-2023-24\/#Real_GDP_Growth\" >Real GDP Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/indian-economy-remains-resilient-with-7-8-growth-in-q1-of-fy-2023-24\/#Nominal_GDP_Growth\" >Nominal GDP Growth<\/a><\/li><\/ul><\/nav><\/div>\n\n<div class=\"wp-block-media-text alignwide has-media-on-the-right is-stacked-on-mobile\" style=\"grid-template-columns:auto 48%\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"1200\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2023\/09\/India-emerges-as-the-fastest-growing-major-economy-in-the-April-June-2023-quarter.jpg\" alt=\"India emerges as the fastest-growing major economy in the April-June 2023 quarter.\n\nAt 7.8% year on year, India\u2019s growth rate towers above the growth rate in several other leading economies.\" class=\"wp-image-136810 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<p><strong>India&#8217;s economy demonstrated resilience in the first quarter of the fiscal year 2023-24, with a GDP growth rate of 7.8 percent.<\/strong> This growth marks an improvement from the 6.1 percent growth observed in the previous quarter of fiscal year 2022-23 (January-March).<\/p>\n\n\n\n<p>The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation, has released the GDP estimates for the first quarter (April-June) of the fiscal year 2023-24. These estimates include GDP figures at both Constant (2011-12) and Current Prices.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Quarterly_Estimates_by_NSO\"><\/span>Quarterly Estimates by NSO<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Quarterly Estimates of GDP are compiled using the <strong>benchmark-indicator method<\/strong>. This involves extrapolating quarterly estimates for the current year based on relevant indicators that reflect the performance of various sectors. These indicators are sourced from various Ministries, Departments, and Private Agencies and are essential inputs for estimating GDP.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Some of the key indicators used in this process<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Index of Industrial Production (IIP)<\/li><li>Financial performance of listed companies in the Private Corporate Sector based on quarterly financial results<\/li><li>Crop Production Targets for the Fiscal Year 2023-24<\/li><li>Production Targets for Major Livestock Products for 2023-24<\/li><li>Fish Production<\/li><li>Production\/Consumption of Cement and Steel<\/li><li>Net Tonne Kilometres and Passenger Kilometres for Railways<\/li><li>Passenger and Cargo traffic handled by Civil Aviation<\/li><li>Cargo traffic handled at Major and Minor Sea Ports<\/li><li>Sales of Commercial Vehicles<\/li><li>Bank Deposits and Credits<\/li><li>Accounts of Central and State Governments<\/li><\/ul>\n\n\n\n<p>These indicators help in estimating the performance of various sectors in the economy, which in turn contributes to the <a href=\"https:\/\/www.oliveboard.in\/blog\/national-income-accounting-rbi-grade-b-study-notes\/\" target=\"_blank\" rel=\"noreferrer noopener\">calculation of GDP<\/a> for a specific quarter.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Real_GDP_Growth\"><\/span>Real GDP Growth<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2846\" height=\"1237\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2023\/09\/Real-GDP-Growth-1.jpg\" alt=\"Real GDP Growth\" class=\"wp-image-136737\"\/><\/figure>\n\n\n\n<p>In the first quarter of the fiscal year 2023-24, India&#8217;s Real GDP, measured at Constant (2011-12) Prices, reached approximately \u20b940.37 lakh crore. This represents a 7.8 percent growth compared to the first quarter of the previous fiscal year 2022-23 when it was \u20b937.44 lakh crore.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nominal_GDP_Growth\"><\/span>Nominal GDP Growth<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2684\" height=\"1254\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2023\/09\/Nominal-GDP-Growth.png\" alt=\"Nominal GDP Growth\" class=\"wp-image-136738\"\/><\/figure>\n\n\n\n<p>On the other hand, the Nominal GDP, measured at Current Prices, in the first quarter of 2023-24 is estimated at \u20b970.67 lakh crore, compared to \u20b965.42 lakh crore in the first quarter of 2022-23, indicating a growth of 8.0 percent in the current quarter compared to a much higher growth of 27.7 percent in the same quarter of the previous fiscal year 2022-23.<\/p>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/how-to-prepare-current-affairs-for-rbi-grade-b\/\" aria-label=\"How to Prepare Monthly Current Affairs for RBI Grade B?\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/04\/RBI-Grade-B-3-1-1.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/how-to-prepare-current-affairs-for-rbi-grade-b\/\">How to Prepare Monthly Current Affairs for RBI Grade B?<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/monthly-current-affairs\/\" aria-label=\"Monthly Current Affairs 2026 PDF For SSC, Banking, Railways\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/06\/Monthly-Current-Affairs-2026-PDF.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Monthly Current Affairs 2026 PDF\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/monthly-current-affairs\/\">Monthly Current Affairs 2026 PDF For SSC, Banking, Railways<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/what-is-money-market\/\" aria-label=\"Money Market Quiz, Get FREE PDF: Part 2\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/04\/Money-Market-Quiz-Part-2.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-money-market\/\">Money Market Quiz, Get FREE PDF: Part 2<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/money-market-quiz\/\" aria-label=\"Money Market Quiz, Get FREE PDF: Part 1\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/04\/Money-Market-Quiz-Part-1.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Money Market Quiz, Get FREE PDF: Part 1\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/money-market-quiz\/\">Money Market Quiz, Get FREE PDF: Part 1<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/important-questions-on-banking-awareness\/\" aria-label=\"Important Questions on Banking Awareness, FREE PDF &amp; 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Insurance Awareness MCQs, 400+ Questions, FREE PDF\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/best-banking-insurance-awareness-mcqs\/\">Banking &amp; Insurance Awareness MCQs, 400+ Questions, FREE PDF<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>India&#8217;s economy demonstrated resilience in the first quarter of the fiscal year 2023-24, with a GDP growth rate of 7.8<\/p>\n","protected":false},"author":54,"featured_media":136729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10386,12575],"tags":[77],"class_list":["post-136703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","category-september","tag-current-affairs","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian Economy Remains Resilient with 7.8% Growth in Q1 of FY 2023-24<\/title>\n<meta name=\"description\" content=\"India&#039;s economy demonstrated resilience in the Q1 of the FY 2023-24, with a GDP growth rate of 7.8%. 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