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HomeEconomyIndia's GDP Grows at 8.4% in October-December Quarter; Growth for 2023-24 Revised...

India’s GDP Grows at 8.4% in October-December Quarter; Growth for 2023-24 Revised Up to 7.6% from 7.3%

India’s economic growth has seen an upward trajectory, with GDP growth reaching 8.4% in the third quarter of the fiscal year 2023-24. This marks an improvement from the earlier estimate of 7.3% and reflects positively on the country’s economic outlook. The National Statistics Office (NSO) has revised its GDP growth estimate for the year to 7.6%, up from the previous 7.3%.

The Gross Value Added (GVA) in the economy is also expected to rise by 6.9% this year, compared to the revised estimate of 6.7% in the previous fiscal year. The NSO’s advance estimate indicates a significant increase in GDP growth, particularly in the October to December 2023 quarter, which recorded an 8.4% rise. Notably, GVA growth dipped to 6.5% in the same quarter, down from earlier estimates.

The farm sector experienced a contraction of 0.8% in GVA growth in the third quarter, while other key segments such as Mining, Electricity, Gas, and Construction also saw a decline in sequential growth. However, Manufacturing GVA recorded a notable rise of 11.6% in the third quarter.

Looking ahead, Construction GVA is projected to rise by 10.7%, with Manufacturing GVA expected to bounce back by 8.5%. Financial, real estate, and professional services are forecasted to grow by 8.2%, while Mining GVA growth is anticipated to jump to 8.1%.

Prime Minister Narendra Modi hailed the robust GDP growth of 8.4% in the third quarter as a testament to the strength and potential of the Indian economy. He reiterated the government’s commitment to fostering fast economic growth to improve the lives of all Indians and build a prosperous nation.