GDP growth rate accelerated to 8.4% in Q3FY24; FY24 growth estimate at 7.6%

In the previous quarter, it was 7.6 per cent and 7.8 per cent in the July quarter

India's Gross Domestic Product (GDP) growth rate in the quarter ending December 31, 2023 (Q3FY24) was 8.4 per cent, according to the data released by the Centre on Thursday. This is higher than the Reserve Bank of India's (RBI's) estimate of 6.5 per cent, according to National Statistical Office (NSO) of Ministry of Statistics and Programme Implementation (MoSPI).

Indian economy remained resilient with robust 7.6 per cent growth rate of GDP in FY 2023-24 over and above 7 per cent growth rate in FY2022-23

Double-digit growth rate of construction sector (10.7 per cent), followed by a good growth rate of Manufacturing sector (8.5 per cent) have boosted the GDP growth in FY 2023-24.

Earlier, India Ratings and Research had predicted that the growth rate in the quarter would be 6.5 per cent. SBI Research said that the growth would be in the range of 6.7-6.9 per cent. 

On the back of double-digit growth in manufacturing sector (11.6 per cent) sector, followed by a good growth rate of Construction sector (9.5 per cent), Real GDP grew by 8.4 per cent in Q3 of FY 2023-24.

During his RBI Monetary Policy Committee (MPC) announcement earlier this month, Governor Shaktikanta Das had said that headwinds from geopolitical tensions, volatility in international financial markets and geoeconomic fragmentation will continue to pose risks to the economic outlook.