India Economy: Good news for Indian economy, GDP growth rate was impressive at 8.4% in the third quarter.

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India Economy:The Government of India has released the GDP figures for the December quarter of the current financial year, which are indicating a strong growth in the Indian economy. The data showed GDP growth in the third quarter would be 8.4%, higher than earlier estimates.

The jump can be attributed to rising manufacturing activities and increased government spending, pushing GDP growth higher than the 7.6% recorded in the previous quarter.

India has won global praise for its rapid economic progress, acknowledged by organizations ranging from the World Bank to the IMF. The remarkable figures from the third quarter confirm the rapid pace of the economy. These figures, released on February 29 by the Ministry of Statistics and Program Implementation, show a significant growth in India’s GDP. The 8.4% growth rate marks the strongest expansion since the second quarter of 2022, exceeding expectations by 6.6%.

In view of India’s rapid economic growth, the National Statistical Office (NSO) has revised its second advance estimate for the growth rate for financial year 2023-24 to 7.6%. This upward revision follows an initial estimate of 7.3% in January 2024. Financial research departments including State Bank of India (SBI) had earlier estimated GDP growth at 6.8%, while the Reserve Bank of India (RBI) had forecast growth of 7% for the third quarter. Despite various predictions, the data released has outperformed all previous estimates.

A detailed examination of the released GDP data shows that the manufacturing sector has grown by a remarkable 11.6%, while the agriculture sector has maintained a growth rate of 3.8%. With India retaining the tag of the world’s fastest growing major economy, the projected growth rate for fiscal year 2023-24 has been raised to 7.6% from 7.3%, reflecting the country’s strong economic trajectory.