Data released by the Ministry of Statistics and Programme Implementation on Thursday revealed a notable surge in India's gross domestic product (GDP) for the third quarter of the current fiscal year, registering a robust growth rate of 8.4 percent year-on-year. This marks a significant acceleration from the 4.3 percent growth recorded during the corresponding period last year.
According to the government's release, the GDP at constant (2011-12) prices in Q3 of 2023-24 reached Rs 43.72 lakh crore, compared to Rs 40.35 lakh crore in Q3 of 2022-23, indicating a substantial growth trajectory.
Despite analyst projections placing the GDP growth for the third quarter at below 7 percent, the government's data showcased the continued rapid expansion of the Indian economy.
Furthermore, the GDP growth during the third quarter exceeded the 7.6 percent recorded in Q2FY24, underscoring the sustained momentum of economic growth.
The remarkable performance of the construction sector, witnessing a double-digit growth rate of 10.7 percent, along with a commendable growth rate of 8.5 percent in the manufacturing sector, has significantly contributed to the overall GDP growth in FY24, as highlighted by the government.
These sectors' robust growth has been identified as pivotal factors driving the stellar 8.4 percent GDP expansion observed during the third quarter of the ongoing fiscal year.
