India GDP data Q3 FY24: Economy expands 8.4% in Q3, better than economists' expectations
India's gross domestic product (GDP) expanded 8.4 per cent in the October-December period, according to official data released on Thursday.
India's gross domestic product (GDP) grew 8.4 per cent in the October-December period, boosted by double-digit expansion in the manufacturing sector, according to official data released on Thursday. That was much higher than 7.6 per cent in the previous quarter and 4.3 per cent in the third quarter of 2022-23.
The latest quarterly GDP reading was also way better than economists' estimates.
A poll of economists had projected GDP growth for the third quarter of the current financial year at 6.6 per cent.
Here's how the economy fared across some of the key sectors:
Sector | GDP growth (%) | |
Q3 FY24 | Q3 FY23 | |
Farming | -0.8 | 5.2 |
Mining | 7.5 | 1.4 |
Manufacturing | 11.6 | -4.8 |
Construction | 9.5 | 9.5 |
Describing the third-quarter GDP numbers as good, Chief Economic Advisor V Anantha Nageswaran said the agriculture sector was expected to register strong growth in the next financial year.
The government raised its estimate of GDP growth for the full year ending March 31, 2024, to 7.6 per cent from 7.3 per cent, roughly three weeks after the RBI raised its comparable forecast to 7.3 per cent from 7.0 per cent. For the next financial year, the central bank pegs GDP growth at 7.2 per cent in the first quarter, 6.8 per cent in the second, 7.0 per cent in the third, and 6.9 per cent in the fourth.
"India is clearly on a high and sustained high growth path," said Infomerics Ratings Chief Economist Manoranjan Sharma.
Official GDP data on the final three months of the financial year will be released on May 31.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
Top 7 Stocks to Track: This defence PSU multibagger can give 45% return; food delivery app stock likely to rise 19%
Mutual Fund SIP: Invest Rs 1000 per month to grow your corpus to over Rs 3.5 core at retirement, know calculations
01:49 PM IST