Q3 GDP growth zooms 8.4%
7.6% for FY24 in sight; Mfg, mining, construction fueling economic growth; Latest data shows that India keeping up its growth momentum as world’s fastest-growing economy: NSO
Sustaining Growth
- NSO, in its 2nd advance estimates, pegged 7.6% growth for FY24
- It projected 7.3% growth for FY24 in 1st advance estimates
- NSO revised GDP growth for FY23 to 7% against earlier estimate of 7.2%
New Delhi: Springing a surprise, India’s economic growth accelerated to 8.4 per cent in the October-December quarter of this fiscal, mainly due to double-digit growth in manufacturing and good showing by mining & quarrying and construction sectors.
The GDP (gross domestic product) growth was 4.3 per cent in the October-December 2022 quarter, according to the data released by the National Statistical Office (NSO) on Thursday. 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. Mining and quarrying grew at 7.5 per cent in the third quarter, up from 1.4 per cent a year ago. The construction sector kept the growth momentum at 9.5 per cent against the same growth rate in the year-ago period. 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.
The GVA growth in the services sector - trade, hotel, transport, communication and services related to broadcasting - was 6.7 per cent during the third quarter against 9.2 per cent. Financial, real estate and professional services grew by 7 per cent in the third quarter over 7.7 per cent earlier. Public administration, defence and other services posted 7.5 per cent growth against 3.5 per cent in the third quarter of the last fiscal.
The NSO also released the second advance estimate for the current fiscal and pegged the economic growth at 7.6 per cent against 7.3 per cent estimated in the first advance estimate released in January.
“Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 172.90 lakh crore, against the first revised estimates of GDP for the year 2022-23 of Rs 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 NSO statement said.
According to the statement, the nominal GDP or GDP at current prices in 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.
