New Delhi, February 29: India’s economic landscape witnesses a remarkable upswing as the Gross Domestic Product (GDP) growth soars to 8.4% during the third quarter (October-December) of the financial year 2023-24, surprising analysts and stakeholders alike. This surge propels the estimated GDP growth rate for the entire fiscal year to a robust 7.6%, as per the latest figures released by the National Statistics Office on Thursday.
The impressive GDP growth of 8.4% in the October-December quarter is primarily attributed to the stellar performance of the manufacturing sector, which recorded a double-digit growth rate of 11.6%. Additionally, the construction sector exhibited strong growth, registering a commendable 9.5% expansion during the same period.
Highlighting the resilience of the Indian economy, the Ministry of Statistics emphasized the sustained growth trajectory, with a 7.6% GDP growth rate forecasted for the fiscal year 2023-24, surpassing the 7% growth rate achieved in the previous fiscal year 2022-23.
The construction sector’s double-digit growth rate of 10.7%, coupled with the manufacturing sector’s robust expansion of 8.5%, contributed significantly to the overall GDP growth for the fiscal year 2023-24, according to official statements.
Moreover, the Ministry of Statistics revised the growth rate for the first and second quarters of the current financial year, indicating an upward trend. The growth rate for Q1 was revised to 8.2% from the earlier estimate of 7.8%, while Q2 witnessed a revision from 7.6% to 8.1%, reflecting the latest updated figures.
The Advance Estimates of National Income serve as indicator-based assessments, extrapolating data from the previous year (2022-23) to gauge sectoral performance. The revision in Second Advance Estimates (SAE) for 2023-24 incorporates updated data, including the First Revised Estimates (FRE) for 2022-23, based on detailed industry-wise and institution-wise information.
The upward revisions in GDP growth figures underscore the resilience and adaptability of India’s economy amidst global economic headwinds. India’s consistent growth trajectory positions it as a beacon of stability and growth amidst a backdrop of global slowdown.
With manufacturing and construction sectors leading the charge, India reaffirms its status as the world’s fastest-growing economy, poised to navigate challenges and capitalize on opportunities for sustained economic development.
The latest GDP figures underscore India’s resilience and growth potential, offering optimism for stakeholders and investors alike, as the nation continues its journey towards economic prosperity and stability in the global arena.
More read: Union Cabinet Approves Three Semiconductor Units, Northeast’s First Facility in Assam
