India's Gross Domestic Product (GDP) growth rate in the quarter ended December 31, 2023 (Q3FY24) was 8.4%, according to data issued by the Centre on Thursday. This is greater than the Reserve Bank of India's (RBI) projection of 6.5%, according to the National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation (MoSPI).
The Indian economy remained sturdy, with a solid 7.6 percent growth rate of GDP in FY 2023-24, exceeding the 7% growth rate in FY2022-23.
The construction sector's double-digit growth rate (10.7 percent) was followed by a strong growth rate in the manufacturing sector (8.5%), which enhanced GDP growth in FY 2023-24.
Earlier, India Ratings and Research estimated that the quarter's growth rate would be 6.5%. SBI Research predicted a growth rate of 6.7-6.9 percent.
Real GDP increased by 8.4 percent in the third quarter of FY 2023-24, driven by double-digit growth in the manufacturing sector (11.6 percent) and a strong growth rate in the construction sector (9.5%).
Governor Shaktikanta Das stated in his RBI Monetary Policy Committee (MPC) pronouncement earlier this month that headwinds from geopolitical tensions, volatility in international financial markets, and geoeconomic fragmentation will continue to pose risks to the economy.
