Q3 GDP Grows at 8.4% : India’s Economy Picks Up Speed
PM Modi said on Q3 GDP "Robust 8.4% GDP growth in Q3 2023-24"
In exciting news for India, India’s Economy Picks Up Speed as Q3 GDP Grows at 8.4%. The country’s economy surged ahead in the October-December quarter of the fiscal year 2023-2024. The gross domestic product (GDP), a measure of the country’s economic activity, expanded by 8.4%, up from 7.6% in the previous quarter. This jump was fueled by strong performances in the manufacturing and mining sectors, according to data released by the National Statistical Office (NSO) on Thursday.
Analysts had expected Q3 GDP growth to be lower, around 7%, making this growth even more impressive. It’s a big turnaround from the same time last year when the economy grew by just 4.3%. This growth also surpasses the Reserve Bank of India’s estimate of 6.5% for the quarter.
Let’s break down some key points:
Manufacturing and Mining Lead the Way: The manufacturing sector saw a significant boost, with growth shooting up to 11.6%. Similarly, the mining sector, which had previously seen a decline, bounced back with a growth rate of 7.5%. These sectors played a crucial role in driving the overall GDP growth.
Construction and Gross Value Added (GVA): While construction growth remained steady at 9.5%, the Gross Value Added (GVA), which measures the value of goods and services produced in the economy, increased from 4.8% to 6.5% annually. This indicates a broader improvement in economic activity.
Fiscal Deficit and GDP Estimates: On the fiscal front, the government’s spending exceeded its income, resulting in a fiscal deficit of rupees 8.04 lakh crore, which is 45% of the target. Looking ahead, S&P Global Ratings raised its GDP growth forecast for the fiscal year 2024 to 6.4%, citing strong domestic momentum.
What is GDP? GDP is a measure of all the goods and services produced within a country during a specific period. It includes products made by foreign companies operating within the country’s borders.
GVA Explained : GVA expresses the total output and income in an economy. It tells how much money worth of goods and services were produced in a given period of time after calculating the cost of inputs and the cost of raw materials. It also shows the amount of production in a particular area, industry or sector.
Prime Minister Modi on Thursday said that a remarkable 8.4% Q3 GDP (gross domestic product) growth in the October-December quarter of the financial year 2023-24 shows the strength and potential of the Indian economy.
He reiterated that efforts will continue to bring about rapid economic growth to help 140 crore Indians live a better life and create a better India or developed India.
PM Modi said, “Strong 8.4% GDP growth in 3 2023-24 shows the strength and potential of the Indian economy. Our efforts will continue to deliver rapid economic growth that will help 1.4 billion Indians lead better lives and build a vikshit Bharat!”
In conclusion, India’s Q3 GDP growth of 8.4% in the third quarter showcases the resilience and potential of the country’s economy. With continued focus on key sectors and policy support, India is poised for further growth and development in the coming years.
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