NEW DELHI: The third quarter Gross Domestic Product (GDP) of FY 24 was at 8.4% against 4.3 per cent a year ago beating analysts’ estimate of 6.6%. Prime Minister Narendra Modi said the numbers showed the strength and potential of Indian economy.
“Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat,” the Prime Minister said in a post on X.
— narendramodi (@narendramodi)
Growth in Q3 was primarily driven by strong performances in manufacturing, mining & quarrying, and construction sectors.
The National Statistical Office (NSO), in its second estimate, further projected a growth rate of 7.6% for the entire fiscal year 2023-24 which is higher than its initial estimate of 7.3% in January 2024. It will surpass growth rate of 7 per cent registered in 2022-23.
On quarter-on-quarter basis, GDP grew by 0.8% from 7.6% in Q2 of FY24.
NSO, further revised the GDP growth rate for 2022-23 to 7%, down from the earlier estimate of 7.2%.
Real GDP or GDP at Constant Prices is estimated to reach Rs 172.90 lakh crore the year 2023-24, a significant increase from previous year’s estimate of Rs 160.71 lakh crore.
The Nominal GDP or GDP at Current Prices is also expected to reach Rs 293.90 lakh crore in 2023-24 compared to Rs 269.50 lakh crore in 2022-23.
In terms of specific quarters, GDP at Constant Prices in Q3 of 2023-24 is projected to be Rs 43.72 lakh crore, an increase of 8.4 per cent compared to Rs 40.35 lakh crore in Q3 of 2022-23.
Similarly, GDP at Current Prices in Q3 of 2023-24 is estimated at Rs 75.49 lakh crore, indicating a growth rate of 10.1 per cent from Rs 68.58 lakh crore in Q3 of 2022-23.
The Reserve Bank of India has forecasted a real GDP growth of 7 per cent for current financial year ending in March 2024, slightly lower than initial estimates of 7.3 per cent by National Statistics Office.
