Team Blitz India
NEW DELHI: The Indian economy grew 8.4% during the October-December quarter of the current financial year 2023-24 (Q3FY24), remaining the fastest-growing major economy in the world, according to gross domestic product (GDP) data released by the Statistics Ministry on February 29.
The rise in GDP growth was supported by robust growth in manufacturing and construction sectors, along with high domestic demand. “GDP at constant (2011-12) prices in Q3 of 2023-24 is estimated at Rs 43.72 lakh crore, against Rs 40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4 per cent,” the ministry report said.
In January, the ministry had made a forecast of 7.3% growth in the fiscal. Gross fixed capital formation or investments in fixed assets is projected to grow at 10.2% in the current financial year, nearly at the level projected in the January estimate. However, both household spending and government expenditure adjusted for inflation are expected to grow only at 3% in the current fiscal, although in January, the former was projected to grow at 4.4% and the latter at 4%.
