GDP growth in April-June quarter (Q1FY24) is estimated to have been 8.3-8.5 per cent, two research reports said. It is higher than projection made by Monetary Policy Committee’s projection of 8 per cent. Both the reports have listed good growth in manufacturing and picking up of services as reasons for higher growth.

• The Statistics Ministry will release the GDP growth number for the first quarter on August 31. First quarter growth in FY23 was 13.1 per cent.
• A SBI research report, using Artificial Neural Network (ANN) model with 30 high frequency indicators, forecast that the quarterly GDP growth for the April -June quarter would be at 8.3 per cent.
• ICRA has projected the year-on-year (y-o-y) growth of the GDP to improve to 8.5 per cent in Q1 FY24 from 6.1 per cent in Q4 FY23, boosted by the supportive base of Q1 FY2023, which saw the Indian economy normalising after the Covid-19 pandemic.