India's GDP Slows to 6.7% in April-June 2023
India's GDP growth slowed to 6.7% in April-June 2023, down from 8.2% in the same period last year. The dip is attributed mainly to poor performance in the farm sector. Despite this, India remains the fastest-growing major economy, with China recording a 4.7% GDP growth in the same quarter.
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India's economic growth took a hit in the April-June quarter of 2023, with gross domestic product (GDP) growth slowing to 6.7% compared to 8.2% in the same period last year, according to government data released on Friday.
The decline is largely attributed to underperformance in the farm sector, which recorded a 2% growth, down from 3.7% in the April-June quarter of 2022. Nonetheless, India continues to hold its position as the world's fastest-growing major economy, outpacing China's 4.7% GDP growth in the same time frame.
On the brighter side, the manufacturing sector showed promising growth, accelerating to 7% compared to 5% in the previous year. The lowest GDP growth was recorded at 6.2% in the January-March quarter of 2023.
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