India's real gross domestic product growth rate is at a strong 6.7 per cent despite a high base effect of the last few years, according to officials. Manufacturing grew 7 per cent as against 5 per cent last year; construction saw 8.6 per cent growth.
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The first-quarter GDP data shows financial, real estate and professional services grew by a healthy 7.1 per cent, the officials said.
Exports recorded a strong growth of 8.7 per cent, despite slow growth in global trade. Merchandise trade grew only 1 per cent with import growth of developed countries remaining flat, the officials said. Service trade also grew by only 1.5 per cent, UN Trade and Development (UNCTAD) data shows.
In the coming quarters, the GDP growth rate is forecast to rise, considering the trends, officials said. For example, foreign direct inflows to India rose 26.4 per cent, reaching $22.4 billion in Q1, marking the fastest expansion in nearly five quarters, according to the Reserve Bank of India (RBI).
Kharif-sowing is progressing steadily. As of August 23, Kharif-sowing is higher by 1.1 per cent year-on-year (YoY), officials said.
Fuel consumption has increased by 7.4 per cent YoY in July 2024, compared to an increase of 2.7 per cent in June 2024.
Domestic manufacturing and services activities continued to expand, as indicated by the purchasing managers index (PMI). Manufacturing and PMI services indices remaining strongly above the 50-mark, officials said.
The goods and services tax (GST) revenue for July 2024 is 10.28 per cent higher than the GST revenues in the same month last year, officials said.
Vehicle registrations across the country increased by 18.6 per cent YoY in July, while domestic air passenger traffic increased by 6.9 per cent YoY in June, officials said. Rail freight traffic increased by 10.1 per cent YoY in June. UPI transactions value saw YoY growth of 34.6 per cent in July, the officials said.
Bank credit saw double-digit YoY growth, with non-food credit expanding at 13.5 per cent in the fortnight ending August 9.
Employees Provident Fund Organisation (EPFO) net additions to payroll stood at 19.50 lakh in May 2024, compared to 9.25 lakh in the corresponding period last year.
