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The Indian economy has once again demonstrated its resilience and vigor, with a remarkable growth rate of 8.4% during the October-December quarter of the current financial year 2023-24. This stellar performance has surpassed all forecasts, underscoring the nation’s robust economic fundamentals and potential for sustained growth.
A key driver behind this impressive growth trajectory has been the double-digit expansion in the Manufacturing sector, which recorded a remarkable growth rate of 11.6%. Additionally, the construction sector exhibited strong growth, contributing significantly to the overall economic momentum with a growth rate of 9.5%.
In a statement, the government highlighted that the Gross Domestic Product (GDP) at constant (2011-12) prices in Q3 of 2023-24 stood at ₹43.72 lakh crore, compared to ₹40.35 lakh crore in the same period of the previous year, reflecting a substantial growth rate of 8.4%.
Looking ahead, the Ministry of Statistics has projected a GDP growth rate of 7.6% for the entire fiscal year 2023-24, surpassing the growth rate of 7.0% recorded in the previous fiscal year. This optimistic outlook underscores confidence in the economy’s ability to maintain its growth trajectory and overcome prevailing challenges.
The latest quarterly GDP growth rate of 8.4% marks the highest figure in the last seven quarters, signaling a robust recovery and resurgence of economic activity. While the first quarter of 2022-23 witnessed GDP growth of 13.1%, this was subsequently revised down to 12.8%, making the current growth rate even more noteworthy.
In terms of absolute figures, the real GDP for the year 2023-24 is estimated to reach ₹172.90 lakh crore, compared to the First Revised Estimates (FRE) of GDP for the previous year, which stood at ₹160.71 lakh crore. This upward trajectory reflects the economy’s trajectory towards higher levels of output and productivity.
The strong economic performance in Q3 FY23-24 follows a robust growth rate of 7.6% recorded in the July-September quarter, and 7.8% in the April-June quarter, indicating sustained momentum and resilience across sectors.
Despite earlier concerns about poor performance in the farm sector, forecasts by the Economic Research Department of the State Bank of India proved conservative, with actual GDP growth outpacing expectations and showcasing the economy’s ability to overcome challenges and thrive.
As India continues its journey towards economic recovery and growth, the latest GDP figures serve as a testament to the nation’s enduring strength, dynamism, and potential to emerge as a global economic powerhouse.
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