India’s economic growth for the July-September 2023 quarter (Q2 FY24) has been remarkable, with the gross domestic product (GDP) expanding by 7.6% year-on-year, outperforming the 6.2% growth recorded in the same period last year. This growth surpasses the forecasts of analysts who had anticipated a GDP growth between 6.5% and 7.1%.The country’s GDP expansion follows a 7.8% growth in the previous quarter (April-June 2023). The National Statistical Office (NSO) reported that the gross value added (GVA) in the economy also increased by 7.4% during this quarter.However, data from the Index of Industrial Production (IIP) up to September indicates a more moderate scenario in the consumer goods sector. The IIP data shows a year-on-year growth of just 3.7% in consumer goods output in the first half of the year, highlighting some areas of slow growth within the broader economic expansion.
