GDP Surges at 8.4% in December Quarter; PM Narendra Modi Applauds Indian Economy’s Strength and Potential

The most recent government data reveals that India’s GDP soared by 8.4% in the October-December quarter, a significant leap from 4.3% in the corresponding period last year.

Prime Minister Narendra Modi, responding to the data unveiled by the government, took to the social media platform X to express his sentiments on Thursday regarding India’s economic performance in the December quarter.

“Recording a robust 8.4% GDP growth in Q3 2023-24 underscores the resilience and potential of the Indian economy. Our steadfast efforts will persist in fostering rapid economic expansion, ensuring a better quality of life for the 1.4 billion Indians and nurturing a developed India!” the Prime Minister shared on X.

The latest data from the National Statistical Office (NSO) indicates that the GDP expanded by 8.4% in the October-December quarter of 2023, compared to a growth rate of 4.3% in the same quarter of 2022.

In the third quarter of this fiscal year, the manufacturing sector exhibited notable growth, with its output, as measured by gross value added, escalating by 11.6%, contrasting sharply with a contraction of 4.8% witnessed in the corresponding period of the previous year.

According to a government statement, “The real GDP, or GDP at Constant (2011-12) Prices, for the year 2023-24 is projected to reach ₹172.90 lakh crore, surpassing the first revised GDP estimates for 2022-23, which stood at ₹160.71 lakh crore. The GDP growth rate for 2023-24 is estimated at 7.6%, compared to the 7.0% growth recorded in 2022-23.”

The statement further notes that the GDP at current prices in the third quarter of 2023-24 is estimated at ₹75.49 lakh crore, reflecting a growth rate of 10.1%, as opposed to ₹68.58 lakh crore recorded in the third quarter of 2022-23.

Additionally, the NSO has revised downward the GDP growth estimate for 2022-23 to 7% from the earlier projection of 7.2%.

Furthermore, GDP estimates for the first and second quarters of the current fiscal have been revised upward to 8.2% and 8.1%, respectively, from 7.8% and 7.6%.

Overall, the economy has expanded by 8.2% during April-December 2023, compared to 7.3% growth observed in the corresponding period of the previous year.