India’s GDP for the third quarter of FY24 experienced a significant acceleration, reaching 8.4% year-on-year growth, as reported by the Ministry of Statistics and Programme Implementation on February 29. This growth surpassed analysts’ predictions, who had anticipated a figure below 7%.
Key Highlights
1. Sharp Acceleration in Q3 GDP Growth:
- GDP growth surged to 8.4% during the October-December quarter of FY24, marking a substantial increase from the 4.3% recorded in the same period the previous year.
2. Exceeds Analysts’ Expectations:
- Analysts had forecasted a growth rate below 7%, but the official data revealed that India’s economy continues to expand rapidly, outperforming expectations.
3. Improvement from Previous Quarter:
- Q3 GDP growth surpassed the 7.6% recorded in the preceding quarter, highlighting a notable improvement in the economy’s performance.
4. Sectoral Contributions:
- The construction sector recorded double-digit growth at 10.7%, while the manufacturing sector exhibited a robust growth rate of 8.5%, contributing significantly to the overall GDP growth in FY24.
5. Key Drivers of Growth:
- The stellar performance in the construction and manufacturing sectors has been identified as pivotal factors driving the remarkable 8.4% GDP growth in the third quarter of the ongoing financial year.
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