India GDP Data: Economy Grows 8.4 pc in October-December Quarter

The NSO's second advance estimate of national accounts revealed that the Indian economy, bouncing back from the challenges posed by the global economic landscape, achieved a growth rate of 8.4 per cent during the said quarter.
India GDP Data: Economy Grows 8.4 pc in October-December Quarter

India GDP Data: Economy Grows 8.4 pc in October-December Quarter

India's economic engine registered a robust growth of 8.4 per cent in the October-December quarter of the fiscal year 2023-24. This acceleration, announced by the National Statistical Office (NSO) on Thursday, was primarily propelled by stellar performances in the manufacturing, mining & quarrying, and construction sectors.
The NSO's second advance estimate of national accounts revealed that the Indian economy, bouncing back from the challenges posed by the global economic landscape, achieved a growth rate of 8.4 per cent during the said quarter. This data has surpassed earlier projections and instills confidence in the nation's economic resilience.
The manufacturing sector played a pivotal role in this remarkable surge, showcasing its strength and contributing significantly to the overall growth. Alongside manufacturing, the mining & quarrying and construction sectors also displayed commendable performances, adding momentum to India's economic trajectory.
The NSO's updated projection for the entire fiscal year 2023-24 is now set at 7.6 per cent growth, up from the initial estimate of 7.3 per cent released in January 2024. This upward revision underscores the positive momentum gained in the latter part of the fiscal year, hinting at a more robust economic landscape than previously anticipated.
Furthermore, in a revision of the GDP growth for the previous fiscal year (2022-23), the NSO adjusted the figure to 7 per cent, slightly lower than the earlier estimate of 7.2 per cent.
The impressive economic rebound is expected to have far-reaching effects on various sectors, fostering an environment conducive to increased investments, job creation, and overall prosperity. The NSO's revised projections paint a picture of India's economy evolving with resilience and adaptability, positioning the nation as a beacon of growth in the global economic arena.
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