India's GDP grew 8.4% in Q3; economy expected to grow 7.6% this year
Indian economy
India’s Gross Domestic Product (GDP) grew 8.4 per cent in the third quarter (October-December quarter), according to the data released by the National Statistical Office (NSO) on Thursday (Feb 29)marking the fastest pace with which the economy grew in one-and-half years, beating all estimates.
India’s economic growth beats estimates
The economic growth reported for the third quarter was much higher than the estimated 6.6 per cent by economists, according to aReuters poll.
It was also higher than the revised growth of 8.1 per cent in the previous quarter which stood at 7.6 per cent in the three months ending September 30.
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This growth has been attributed to strong manufacturing and construction activity in India.
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Prime Minister Narendra Modi’s government has raised spending on infrastructure and incentivised manufacturing of phones, electronics, drones and semiconductors.
Manufacturing, over the past decade, has accounted for 17 per cent of India’s economy and expanded 11.6 per cent year-on-year in the December quarter.
Additionally, investment growth was above 10 per cent for the second consecutive quarter and the construction sector grew by more than nine per cent.
However, the farming sector which accounts for about 15 per cent of the Indian economy reduced by 0.8 per cent, compared with 1.6 per cent growth in the second quarter.
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The “robust” third-quarter growth “shows the strength of Indian economy and its potential,” said PM Modi, in a post on X.
He added, “Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat (Developed India)!”
Growth estimates raised
The Ministry of Statistics and Programme Implementation data released on Thursday, also shows that the Indian economy is expected to grow at 7.6 per cent this year.
In its first estimates released last month, the NSO had projected a growth of 7.3 per cent in 2023-24.
(With inputs from agencies)