India’s GDP Growth soars to 8.4%, growth in FY24 to be at 7.6%

India's GDP Growth

The December quarter had an 8.4% growth in India’s gross domestic product (GDP), according to figures released on February 29 by the Ministry of Statistics and Programme Implementation.

This quarter’s 8.4% year-over-year increase is the highest since 2022’s second quarter, exceeding 6.6% of projections. In its second advance estimate of the national accounts, the NSO projected 7.6 percent growth for the nation in 2023–2024. For the current fiscal year, it had predicted growth of 7.3% in its initial advance forecasts, which were made public earlier in January 2024.

For some months, the central bank has maintained a relatively conservative policy stance and held interest rates steady, despite criticism from some members of the policy committee that maintaining excessively high borrowing costs could hinder economic growth.

  • Compared to Q2’s 1.6% rise, agriculture saw a 0.8% dip in Q3.
  •  Mining expanded by 7.5%, compared to 11.1% the previous quarter. 
  • Manufacturing grew by 11.6% this quarter compared to 14.4% the previous one. 
  • Compared to 10.5%, the expansion of electricity and other public utilities was 9%
  • Compared to 13.5%, construction expanded by 9.5%.
  •  As opposed to 4.5%, trade, lodging, transportation, and communication all grew 6.7%.