India’s Q3 GDP growth at 8.4%, beats D-Street estimates; economy grows at fastest pace in 6 quarters:
India Q3 GDP: The Indian economy grew 8.4 per cent during the October-December quarter of the current financial year 2023-24 (Q3FY24), remaining the fastest-growing major economy in the world, according to gross domestic product (GDP) data released by the Statistics Ministry on Thursday, February 29.
The rise in GDP growth was supported by robust growth in manufacturing and construction sectors, along with high domestic demand.
GDP at constant (2011-12) prices in Q3 of 2023-24 is estimated at ₹43.72 lakh crore, against ₹40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4 per cent. GDP at current prices in Q3 of 2023-24 is estimated at ₹75.49 lakh crore, as against ₹68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1 per cent.
PM Modi said on X, “Robust 8.4 per cent GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!”.
Manufacturing, construction sectors support GDP growth”Double-digit growth in the manufacturing sector, followed by a good growth rate of construction sector” were responsible for the better-than-expected performance, said the NSO. The manufacturing sector, which for the past decade has accounted for just 17 per cent of Asia’s third-largest economy, expanded 11.6 per cent year-on-year in the December quarter.
The high-frequency indicators point toward continued good performance in Q4 FY24 as well. The global demand has been a challenge given uncertain global growth. However, India’s external sector is not showing any signs of vulnerability.
