New Delhi: Prime Minister Narendra Modi has said the robust 8.4 percent GDP growth in the third quarter of 2023-24 shows the strength of the Indian economy and also its potential and the government will continue its efforts for fast economic growth to create ‘Viksit Bharat’.
PM Modi said in a post on X that fast economic growth will also help the citizens lead a better life.
“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!” he said.
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
India’s GDP grew at a huge 8.4 per cent during the October-December quarter of the current financial year and the country continued to remain the fastest-growing major economy.
The Indian economy grew 7.8 percent and 7.6 percent during the preceding two quarters – April-June and July-September, data released by the Ministry of Statistics and Programme Implementation on Thursday showed.
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 FRE (first revised estimates)of GDP for the year 2022-23 of Rs 160.71 lakh crore.
The growth rate of GDP during 2023-24 has been estimated at 7.6 percent as compared to the growth rate of 7 percent in 2022-23.
Nominal GDP or GDP at Current Prices in the year 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.
GDP at Constant (2011-12) Prices in Q3 of 2023-24 is estimated at Rs 43.72 lakh crore, against Rs 40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4 percent. GDP at Current Prices in Q3 of 2023-24 is estimated at Rs 75.49 lakh crore, as against Rs 68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1 percent.
India’s real GDP growth for the current financial year ending in March 2024 is also pegged at 7 percent by the Reserve Bank of India. It is 30 basis points lower than the National Statistics Office’s first estimate of 7.3 percent.
The strength of domestic demand has driven the economy to a 7 percent plus growth rate in the last three years.
India’s economy grew 7.2 percent in 2022-23 and 8.7 percent in 2021-22, respectively.
The robustness seen in domestic demand — private consumption and investment — traces its origin to the reforms and measures implemented by the government over the last 10 years, the Department of Economic Affairs under the Ministry of Finance had said earlier.
In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion.
