India’s Economy: The Ministry of Statistics and Programme Implementation released figures on Thursday that showed that the GDP growth rate of India for the quarter that ended in December 2023 (Q3FY24) was 8.4%. This exceeds the 6.5% prediction provided by the Reserve Bank of India (RBI). It was 7.6% in the prior quarter and 7.8% in the quarter ending in July.
NSO Data Highlights Robust Growth
According to NSO data, the manufacturing sector’s strong growth rate of 8.5% and the construction sector’s double-digit growth rate of 10.7% and 10.7%, respectively, have contributed to the GDP increase in FY23–24. In a research earlier on Wednesday, an economist from the State Bank of India (SBI) predicted that during the third quarter of the fiscal year 2023–24, India’s GDP will grow by 6.7-9.9%.
“Considering a slight dip in economic activity in Q3 FY24, we anticipate GDP growth to range between 6.7 to 6.9 per cent, accompanied by a gross value added (GVA) growth of 6.6%,” stated Group Chief Economic Advisor Soumya Kanti Ghosh.
Core Industries on the Rise
However, when compared to the Index of January 2023, the combined Index of Eight Core Industries (ICI) increased by 3.6% (provisional) in January 2024. Coal, steel, cement, electricity, natural gas, and crude oil production all saw increases in January 2024.