NEW DELHI: Third quarter FY24 gross domestic product (GDP) stood at 8.4% against 4.3% a year ago, beating analysts' estimate of 6.6%. Prime Minister Narendra Modi said the numbers showed the strength and potential of the Indian economy.
“Our efforts will continue to deliver rapid economic growth that will help 140 million Indians live better lives and create a Viksit Bharat,” the Prime Minister said in a post on X.
Growth in the third quarter was driven primarily by strong performances in the manufacturing, mining and quarrying and construction sectors.
The National Statistics Office (NSO), in its second estimate, also forecast 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 the growth rate of 7 Percent registered in 2022-23.
Quarter-on-quarter, GDP grew 0.8%, compared to 7.6% in the second quarter of fiscal 2024.
NSO has further revised the GDP growth rate for 2022-23 to 7% compared to the earlier estimate of 7.2%.
Real GDP or GDP at constant prices is estimated to reach Rs 172.90 billion in 2023-2024, a significant increase over last year's estimate of Rs 160.71 billion.
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.
On a quarterly basis, GDP at constant prices in the third quarter of 2023-24 is expected to be Rs 43.72 billion, up 8.4 percent compared to Rs 40.35 billion in the third quarter of 2022-23.
Likewise, GDP at current prices is estimated at Rs 75.49 lakh crore in the third quarter of 2023-24, registering a growth rate of 10.1 per cent as against Rs 68.58 lakh crore in the third quarter of 2022-23.
The Reserve Bank of India has forecast real GDP growth of 7 percent for the current fiscal year ending March 2024, slightly lower than the National Statistics Office's initial estimates of 7.3 percent.
“Our efforts will continue to deliver rapid economic growth that will help 140 million Indians live better lives and create a Viksit Bharat,” the Prime Minister said in a post on X.
Expand
Growth in the third quarter was driven primarily by strong performances in the manufacturing, mining and quarrying and construction sectors.
The National Statistics Office (NSO), in its second estimate, also forecast 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 the growth rate of 7 Percent registered in 2022-23.
Quarter-on-quarter, GDP grew 0.8%, compared to 7.6% in the second quarter of fiscal 2024.
Expand
Real GDP or GDP at constant prices is estimated to reach Rs 172.90 billion in 2023-2024, a significant increase over last year's estimate of Rs 160.71 billion.
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.
On a quarterly basis, GDP at constant prices in the third quarter of 2023-24 is expected to be Rs 43.72 billion, up 8.4 percent compared to Rs 40.35 billion in the third quarter of 2022-23.
Likewise, GDP at current prices is estimated at Rs 75.49 lakh crore in the third quarter of 2023-24, registering a growth rate of 10.1 per cent as against Rs 68.58 lakh crore in the third quarter of 2022-23.
The Reserve Bank of India has forecast real GDP growth of 7 percent for the current fiscal year ending March 2024, slightly lower than the National Statistics Office's initial estimates of 7.3 percent.
“Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate.”
