India’s GDP Grows by 8.4 Percent in December Quarter, Shows Govt Data
New Delhi: India’s gross domestic product (GDP) grew 8.4 percent during the October-December 2023 quarter (Q3 FY24) against the 4.3 percent growth recorded a year ago, according to the latest official data released on Thursday, February 29. The Q3 FY24 GDP growth is higher than what was expected by analysts.
For the Q3 FY24, analysts had expected a slower GDP growth of between 6 percent and 7 percent. India’s economy had grown 7.6 percent in the preceding July-September 2023 quarter.
According to the official statement, the government also expects the FY24 GDP growth rate of 7.6 percent. “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,” the statement futher added.
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.