India’s GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24, and the country continued to remain the fastest-growing major economy.
The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters – April-June and July-September, as data released by the Ministry of Statistics and Programme Implementation on February 29 showed.
Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 are estimated to attain a level of Rs 172.90 lakh crore, against the FRE (first revised estimates)of GDP for the year 2022-23 of Rs 160.71 lakh crore.
The growth rate of GDP during 2023-24 has been estimated at 7.6 per cent as compared to growth rate of 7 per cent in 2022-23.
Nominal GDP or GDP at Current Prices in the year 2023-24 is estimated to attain a level of Rs 293.90 lakh crore, against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.1 per cent.
GDP at Constant (2011-12) Prices in Q3 of 2023-24 are 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 per cent. GDP at Current Prices in Q3 of 2023-24 is estimated at Rs 75.49 lakh crore, as against Rs 68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1 per cent.
India’s real GDP growth for the current financial year ending in March 2024 is also pegged at 7 per cent by the Reserve Bank of India. It is 30 basis points lower than the National Statistics Office’s first estimates of 7.3 per cent.
The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively.
The robustness seen in domestic demand — private consumption and investment — traces its origin to the reforms and measures implemented by the government over the last ten years, the Department of Economic Affairs under the Ministry of Finance had said earlier.
In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), the finance ministry had asserted.
Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is tightening its monetary policy have all contributed to painting a bright picture for the Indian economy.
Underlining that the Indian economy is on a high growth trajectory, the Confederation of Indian Industry, in a statement on February 29, exuded confidence that the Indian economy will continue to grow at a 7 per cent plus growth rate over the medium term.
In a statement issued today, Chandrajit Banerjee, Director General, CII, said, “industry is enthused to note the strong set of GDP growth numbers for the third quarter (YoY), which surpassed expectations, recording an actual rate of 8.4 percent exceeding the previous quarter’s 7.6 per cent”.
“What is more comforting to note is the fact that the robust expansion came despite the recurring spate of geopolitical flashpoints and was premised on a healthy double-digit expansion in manufacturing and investment,” he said.
“Indian economy is on a high growth trajectory supported by structural reforms and improvements in both ease & cost of doing business. This makes us confident that the Indian economy will continue to grow at 7 per cent plus growth rate over the medium term”, the statement added.
(with inputs from ANI)
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