India’s GDP grows at 7.8% in Q4FY24, full-year growth pegged at 8.2%
Indian economy grows at 7.8% in Q4; 8.2% in FY24, trailer of things to come, says PM Modi
This is better than what most economists had predicted. In the same period last year, GDP growth was 6.1%, and in the previous quarter, it was 8.4%.
The Reserve Bank of India (RBI) had forecasted a 6.9% growth in real GDP for Q4FY24, with a full-year projection of 7.6%.
India Q4 GDP Growth Data Live Updates: India’s Gross Domestic Product or GDP for the fourth quarter of fiscal year 2023-24 grew at 7.8%. The full fiscal year real GDP growth provisionally stands at 8.2%.
The Indian economy had unexpectedly grown at 8.6% in the third quarter (October-December 2023) of FY24. Economists were of the view that this GDP growth rate is unlikely to have continued in the fourth quarter.
In the coming years it is expected to become the world’s third largest economy after the US and China.
The primary sector sector, constituting agriculture and mining, grew at 2.1 per cent on an annual basis. The agriculture and mining sectors recorded a growth of 1.4 per cent and 7.4 per cent, as against 4.7 per cent and 1.9 per cent, respectively.
The secondary sector, including manufacturing, electricity and construction components, grew at 9.7 per cent on a year-on-year basis. Manufacturing sector witnessed a growth of 9.9 per cent while electricity grew by 7.5 per cent. The construction sector also grew by 9.9 per cent in FY24.
