India’s GDP increased to 8.4% annually in the third quarter of the current fiscal year, according to data released on Thursday by the Ministry of Statistics and Programme Implementation. The GDP grew by 4.3% during the same time frame the previous year.
“GDP at constant (2011-12) prices in Q3 of 2023-24 is estimated at Rs 43.72 lakh crore, against Rs 40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4 percent,” said the government’s release.
The government’s figures indicated that the Indian economy is still growing quickly, despite analysts’ lower-than-7% GDP growth estimates for the third quarter.
Additionally, the third quarter’s GDP growth was higher than Q2FY24’s 7.6% growth.
The government claims that 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 increase of the GDP in FY24.
The remarkable 8.4% rise in the third quarter of the current fiscal year has also been credited in large part to the expansion of these industries.
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