India’s GDP Grows 8.4% In Oct-Dec Quarter, PM Says ‘Shows Strength Of Indian Economy’

Mumbai: PM Narendra Modi tweeted after the Ministry of Statistics and Programme Implementation’s data showed that India’s gross domestic product (GDP) grew 8.4% in the October-December quarter.

“Robust 8.4% GDP growth in Q3 2023-24 shows the strength of the Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!” the prime minister posted on X.

According to the most recent government data, the National Statistical Office (NSO) reported that the GDP rose by 8.4% during the October–December quarter of 2023 compared to 4.3% during the same period in 2022.

According to gross value added, the manufacturing sector’s output increased by 11.6% in the third quarter of the current fiscal year, while it shrank by 4.8% in the same period last year.

“Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of ₹172.90 lakh crore, against the first revised estimates of GDP for the year 2022-23 of ₹160.71 lakh crore. The growth rate of GDP during 2023-24 is estimated at 7.6 percent compared to the growth rate of 7.0 percent in 2022-23,” the government statement added. 

It said that the GDP at current prices in Q3 of 2023–2024 is anticipated to be ₹75.49 lakh crore, up from ₹68.58 lakh crore in Q3 of 2022–2023—a growth rate of 10.1%.

The GDP growth estimate for 2022–2023 was lowered by the NSO to 7% from the previous estimate of 7.2%.

Additionally, the NSO updated its GDP projections for the first and second quarters of this fiscal year, bringing them down from 7.8% to 8.2% and 7.6%, respectively.  

From April to December 2023, the economy grew by 8.2% as opposed to 7.3% in the previous year.

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