GDP grows 8.4 pc third-quarter; shows economy's strength, says Modi
Manufacturing pushes growth up but farm output falls 0.8% ; govt revises economic growth to 7.6% for full-year FY24
India's economic growth accelerated to 8.4 per cent in the October-December quarter of this fiscal, mainly due to double-digit growth in manufacturing and good showing by mining and quarrying and construction sectors, government data revealed on Thursday (February 29).
The GDP (gross domestic product) growth was 4.3 per cent in the October-December 2022 quarter, according to the data released by the National Statistical Office (NSO) on Thursday.
The growth shows the strength of Indian economy and its potential, Prime Minister Narendra Modi said, asserting that the government will continue to make efforts to keep fast economic growth and help 140 crore Indians lead a better life and create a 'Viksit Bharat'.
Sector-wise performance
The manufacturing sector's output, as per the gross value added in the third quarter of this fiscal, grew by 11.6 per cent compared to a contraction of 4.8 per cent in the year-ago period. Mining and quarrying grew at 7.5 per cent in the third quarter, up from 1.4 per cent a year ago.
The construction sector kept the growth momentum at 9.5 per cent against the same growth rate in the year-ago period.
However, the output of the farm sector declined by 0.8 per cent during the quarter compared to a growth of 5.2 per cent a year ago.
The national accounts data showed electricity, gas, water supply, and other utility services segment has grown by 9 per cent year-on-year against an 8.7 per cent rise. The GVA (gross value added) growth in the services sector – trade, hotel, transport, communication and services related to broadcasting – was 6.7 per cent during the third quarter against 9.2 per cent.
Financial, real estate and professional services grew by 7 per cent in the third quarter over 7.7 per cent earlier.
Estimate for FY24
The NSO also released the second advance estimate for the current fiscal and pegged the economic growth at 7.6 per cent against 7.3 per cent estimated in the first advance estimate released in January.
"Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 172.90 lakh crore, against the first revised estimates of GDP for the year 2022-23 of Rs 160.71 lakh crore. The growth rate of GDP during 2023-24 is estimated at 7.6 per cent compared to the growth rate of 7.0 per cent in 2022-23," the NSO statement said.
With agency inputs
