Indian GDP growth: India’s economic growth accelerated to 8.4 per cent in the third quarter of 2023-24, mainly due to good performance by the manufacturing, mining and quarrying and construction sectors. The Indian economy recorded a growth of 8.4 per cent in the third quarter of this fiscal (October-December 2023), according to data released by the National Statistical Office (NSO) today (February 29).
The NSO, in its second advance estimate of national accounts, pegged the country’s growth at 7.6 per cent for 2023-24. It had projected a growth of 7.3 per cent for the current fiscal in its first advance estimates released earlier in January 2024.
The NSO also revised the GDP growth for 2022-23 to 7 per cent against the earlier estimate of 7.2 per cent.
Robust 8.4% GDP growth in Q3 2023-24 shows strength of Indian economy: PM Modi
Real GDP or GDP at Constant (2011-12) prices in the year 2023-24 is estimated to attain a level of Rs 172.90 lakh crore, against the FRE (first revised estimates) of GDP for the year 2022-23 of Rs 160.71 lakh crore. The growth rate of GDP during 2023-24 has been estimated at 7.6 per cent as compared to growth rate of 7 per cent in 2022-23. Nominal GDP or GDP at Current Prices in the year 2023-24 is estimated to attain a level of Rs 293.90 lakh crore, against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.1 per cent.GDP at Constant (2011-12) Prices in Q3 of 2023-24 is estimated at Rs 43.72 lakh crore, against Rs 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 Rs 75.49 lakh crore, as against Rs 68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1 per cent.India’s real GDP growth for the current financial year ending in March 2024 is also pegged at 7 per cent by the Reserve Bank of India. It is 30 basis points lower than the National Statistics Office’s first estimates 7.3 per cent. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years.
India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively. The robustness seen in domestic demand- private consumption and investment- traces its origin to the reforms and measures implemented by the government over the last 10 years, the Department of Economic Affairs under the Ministry of Finance had said earlier. In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), the finance ministry had asserted.
Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy.
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