“Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat, the Prime Minister said in a post on X.
Growth in Q3 was primarily driven by strong performances in manufacturing, mining & quarrying, and construction sectors.
The National Statistical Office (NSO), in its second estimate, further projected a growth rate of 7.6% for the entire fiscal year 2023-24 which is higher than its initial estimate of 7.3% in January 2024. It will surpass growth rate of 7 per cent registered in 2022-23.
On quarter-on-quarter basis, GDP grew by 0.8% from 7.6% in Q2 of FY24.
NSO, further revised the GDP growth rate for 2022-23 to 7%, down from the earlier estimate of 7.2%.
Real GDP or GDP at Constant Prices is estimated to reach Rs 172.90 lakh crore the year 2023-24, a significant increase from previous year’s estimate of Rs 160.71 lakh crore.
The Nominal GDP or GDP at Current Prices is also expected to reach Rs 293.90 lakh crore in 2023-24 compared to Rs 269.50 lakh crore in 2022-23.
In terms of specific quarters, GDP at Constant Prices in Q3 of 2023-24 is projected to be Rs 43.72 lakh crore, an increase of 8.4 per cent compared to Rs 40.35 lakh crore in Q3 of 2022-23.
Similarly, GDP at Current Prices in Q3 of 2023-24 is estimated at Rs 75.49 lakh crore, indicating a growth rate of 10.1 per cent from Rs 68.58 lakh crore in Q3 of 2022-23.
The Reserve Bank of India has forecasted a real GDP growth of 7 per cent for current financial year ending in March 2024, slightly lower than initial estimates of 7.3 per cent by National Statistics Office.