India Economy Surges: Q3 GDP Growth Hits 8.4%, Beats Analyst Expectations

In a surprising turn of events, India's gross domestic product (GDP) for the third quarter of the fiscal year 2023-24 has accelerated to an impressive 8.4 per cent year-on-year. This marks a substantial increase from the 4.3 per cent growth recorded in the same period last year. According to data shared by the Ministry of Statistics and Programme Implementation, the GDP at constant (2011-12) prices in Q3 of FY24 is estimated at Rs 43.72 lakh crore, compared to Rs 40.35 lakh crore in Q3 of FY23, showcasing a robust growth rate of 8.4 percent. Analysts had initially predicted a growth rate below 7 per cent for the third quarter, but the actual figures have surpassed expectations, highlighting the Indian economy's resilience and continued expansion. Moreover, the third-quarter GDP growth surpasses the 7.6 per cent recorded in Q2FY24, indicating sustained momentum in economic activity. Key drivers behind this impressive growth include the double-digit expansion of the construction sector at 10.7 per cent, closely followed by a noteworthy growth rate of 8.5 per cent in the manufacturing sector. These sectors have played pivotal roles in propelling the overall GDP growth for FY24. The government attributes the stellar performance of these sectors as primary factors contributing to India's remarkable 8.4 per cent GDP growth in the third quarter of the ongoing financial year. This remarkable growth trajectory positions India's economy on a promising trajectory, showcasing resilience and robustness amidst global economic challenges.#nationalgossip