India's GDP grew by 8.4 per cent in December quarter, surpassing expectations

Indian economy grew by 8.4 per cent in October-December 2023 against 4.3 per cent a year ago, government data showed on Thursday

Updated on: Feb 29, 2024, 19:29:23 IST

By HT News Desk

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Indian economy grew by 8.4 per cent in October-December 2023 against 4.3 per cent a year ago, government data showed on Thursday. The economy is expected to grow at 7.6 per cent in 2023-24 as compared to revised estimate of 7 per cent for FY23, the government data added.

The National Statistical Office (NSO), in its second advance estimate of national accounts, pegged the country's growth at 7.6 per cent for 2023-24.

India's GDP grows by 8.4 per cent in December quarter

It had projected a growth of 7.3 per cent for the current fiscal in its first advance estimates released earlier in January 2024.

The NSO also revised the GDP growth for 2022-23 to 7 per cent against the earlier estimate of 7.2 per cent.

ALSO READ: Fiscal deficit at Jan-end touches 63.6 pc of full year target, says govt data

Earlier in the day, the government data showed that the combined index of eight core industries surged by 3.6 per cent in January this year against the index in the same month last year. The production of Coal, Steel, Cement, Natural Gas, Electricity and Crude Oil recorded positive growth in January 2024.

Nominal GDP or GDP at Current Prices in the year 2023-24 is estimated to attain a level of ₹293.90 lakh crore, against ₹269.50 lakh crore in 2022-23, showing a growth rate of 9.1 per cent, the government data showed.

Prime Minister Narendra Modi posted on X,"Robust 8.4% GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!"

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.

(With PTI inputs)

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