India Q3 GDP growth: Indian economy grows at 8.4% in October-December quarter
Upstox
2 min read • Updated: February 29, 2024, 10:06 PM
Summary
On the back of double-digit growth in manufacturing sector (11.6%) sector, followed by a good growth rate of construction sector (9.5%), real GDP grew by 8.4% in Q3 of FY 2023-24.
The Indian economy grew at 8.4% during the October-December quarter of the current financial year 2023-24, outshining all forecasts.
The remarkable growth in Q3 was due to double-digit growth in the manufacturing sector at 11.6%, followed by a strong growth rate in the construction sector at 9.5%.
"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%," the government said in a release.
The Ministry of Statistics expects GDP growth rate during 2023-24 at 7.6% as compared to the growth rate of 7.0% in 2022-23.
At 8.4%, the latest quarterly GDP growth rate is the highest in the last seven quarters. In the first quarter of 2022-23, GDP grew by 13.1%, which was later revised down to 12.8%.
"Real GDP or GDP at constant (2011-12) prices in the year 2023-24 is estimated to attain a level of ₹172.90 lakh crore, against the First Revised Estimates (FRE) of GDP for the year 2022-23 of ₹160.71 lakh crore. The GDP growth rate during 2023-24 is estimated at 7.6% as compared to the growth rate of 7.0% in 2022-23," the government said.
During the July-September quarter, the Indian economy grew at 7.6%. The GDP grew at 7.8% in the April-June quarter.
The Economic Research Department of the State Bank of India had forecasted the GDP growth for Q3 FY23 at 6.7%-6.9% on poor performance in the farm sector.