Indian real GDP grew 7.8% in April-June quarter; lower than RBI's estimates

In its recent bi-monthly monetary policy announcement, the Reserve Bank of India had pegged the GDP growth rate for the June quarter at 8 per cent

Indian gross domestic product (GDP) grew by 7.8 per cent in the quarter that ended on June 30, data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Thursday showed. 

In the April-June quarter last year, the GDP growth rate was 13.1 per cent. In the previous quarter, that ended on March 31, Indian GDP had recorded a growth rate of 6.1 per cent. 

In its recent bi-monthly monetary policy announcement, the Reserve Bank of India (RBI) had pegged the GDP growth rate for the June quarter at 8 per cent. 

"Real GDP growth for 2023-24 is projected at 6.5 per cent with Q1 at 8 per cent; Q2 at 6.5 per cent; Q3 at 6.0 per cent; and Q4 at 5.7 per cent," RBI governor Shaktikanta Das had said earlier this month.

Moreover, the country's largest lender, the State Bank of India (SBI) pegged the growth at 8.3 per cent, while domestic rating agency Icra estimated it to be even higher at 8.5 per cent.

Barclays had estimated the Q1 GDP growth at 7.8 per cent.

Speaking at B20 Summit India 2023 , Finance Minister Nirmala Sitharaman said that the Q1 numbers were expected to be healthy.  

"As things stand, nobody has a clue. But everybody feels that yes, the first quarter did go on well, so the numbers should be good," she said.