GDP growth at 8.4 per cent in Dec quarter, PM Narendra Modi hails ‘strength, potential of Indian economy’

The latest government data showed GDP grew by 8.4 per cent in the October-December quarter, against 4.3 per cent in the year-ago period.

Updated on: Feb 29, 2024, 20:16:12 IST

By HT News Desk

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Prime Minister Narendra Modi on Thursday took to social media platform X after government data showed that India's economy grew by 8.4 per cent in the December quarter.

“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!” the prime minister posted on X.

The latest government data showed that the GDP grew by 8.4 per cent in the October-December quarter in 2023, against 4.3 per cent in the October-December 2022 quarter, according to the data released by the National Statistical Office (NSO).

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.

"Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of ₹172.90 lakh crore, against the first revised estimates of GDP for the year 2022-23 of ₹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 government statement added.

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The GDP at current prices in Q3 of 2023-24 is estimated at ₹75.49 lakh crore compared to ₹68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1 per cent, it stated.

The NSO revised downward the GDP growth for 2022-23 to 7 per cent from 7.2 per cent estimated earlier.

The NSO has also revised GDP estimates for the first and second quarters of this fiscal to 8.2 and 8.1 per cent from 7.8 per cent and 7.6 per cent, respectively.

The economy has expanded 8.2 per cent in April-December 2023 compared to 7.3 per cent a year ago.

(With PTI inputs)

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