India GDP Q3 Data

During the third quarter of the financial year 2023-24, from October to December, the country has shown economic development at a rate of 8.4 percent. In the third quarter, the country’s GDP remained at 8.4 percent, compared to 7.6 percent in the previous financial quarter from July to September. In the third quarter of the previous financial year 2022-23, the GDP was at 4.4 percent. The Ministry of Statistics and Programme Implementation has also released the second advance estimate of GDP for the financial year 2023-24. According to this data, the estimated economic growth rate of India for the current financial year is projected to be 7.6 percent, which was 7 percent in 2022-23.

India’s Economy on the Fast Lane!

The National Statistical Office (NSO) has released figures for the October-December quarter of the financial year 2023-24, stating that the Indian economy has grown at a rate of 8.4 percent in the third quarter. During the third quarter of the financial year 2022-23, GDP increased from ₹40.35 lakh crore to ₹43.72 lakh crore in the current financial year’s third quarter.

The growth rate of the manufacturing sector is 11.6 percent, and the construction sector’s growth rate is 9.5 percent, contributing to the GDP growth of 8.4 percent. NSO, while releasing the second advance estimate for the financial year 2023-24, stated that the GDP is estimated to remain at 7.6 percent in this financial year, which was 7 percent in 2022-23. According to the data from the Ministry of Statistics and Programme Implementation, the estimated real GDP for the current financial year is ₹172.90 lakh crore, compared to ₹160.71 lakh crore in 2022-23.

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!

— Narendra Modi (@narendramodi) February 29, 2024

Manufacturing Sector Gains Momentum

According to the figures released by the NSO, the growth rate of the agriculture sector in the third quarter of the financial year 2023-24 is 3.8 percent, compared to 6.7 percent in the third quarter of 2022-23. The growth rate of the manufacturing sector is 10.6 percent, which was -0.2 percent in the same quarter of the previous year. The growth rate of the construction sector is 10.4 percent, which was 15.5 percent in the corresponding quarter of the previous financial year.

The growth rate of services associated with trade, hotels, transport, communication, and broadcasting stood at 7.4 percent, down from 15.1 percent previously. The growth rate of financial, real estate, and professional services was 9.2 percent, the same as the previous year’s corresponding quarter. The growth rate of electricity, gas, water supply, and other utility services remained at 4.1 percent in the third quarter of the current financial year, similar to the previous period.

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