Politics
GDP growth at 8.4 percent, Prime Minister Narendra Modi hails strength of Indian economy | Latest news India
![GDP growth at 8.4 percent, Prime Minister Narendra Modi hails strength of Indian economy | Latest news India GDP growth at 8.4 percent, Prime Minister Narendra Modi hails strength of Indian economy | Latest news India](https://www.hindustantimes.com/ht-img/img/2024/02/29/1600x900/Prime_Minister_Narendra_Modi_1709213424993_1709213425169.jpg)
Prime Minister Narendra Modi on Thursday took to social media platform X after government data showed that India's economy grew 8.4% in the December quarter.
Robust GDP growth of 8.4% in the third quarter of 2023-24 shows the strength of the Indian economy and its potential. Our efforts will continue to bring rapid economic growth that will help 140 crore Indians lead better lives and create a Viksit Bharat! » the Prime Minister posted on X.
The latest government data showed that GDP grew by 8.4 percent in the October-December quarter of 2023, compared to 4.3 percent in the October-December quarter of 2022, according to data released by the National Office of Statistics (ONS).
![Prime Minister Narendra Modi (ANI) Prime Minister Narendra Modi (ANI)](https://i0.wp.com/www.hindustantimes.com/ht-img/img/2024/02/29/550x309/Prime_Minister_Narendra_Modi_1709213424993_1709213425169.jpg?w=740&ssl=1)
Manufacturing sector output, in terms of gross value added in the third quarter of this fiscal year, increased by 11.6 percent, compared to a contraction of 4.8 percent during the year-ago period.
“Real GDP or GDP at constant prices (2011-12) for the year 2023-24 is expected to reach a level of 172.90 lakh crore, compared to the first revised GDP estimates for the year 2022-23 of 160.71 lakh. The GDP growth rate during 2023-24 is estimated at 7.6 percent, compared to a growth rate of 7.0 percent in 2022-23,” the government statement added.
READ ALSO : Budget deficit at end-January reaches 63.6% of full-year target, government data shows
GDP at current prices in the third quarter of 2023-24 is estimated at 75.49 lakh crore compared to 68.58 lakh crore in the third quarter of 2022-23, a growth rate of 10.1 per cent, it said.
The ONS has revised GDP growth for 2022-23 downward to 7 per cent, from 7.2 per cent previously estimated.
The ONS also revised GDP estimates for the first and second quarters of this financial year to 8.2 and 8.1 percent respectively from 7.8 per cent and 7.6 per cent.
The economy grew by 8.2 percent between April and December 2023, compared to 7.3 percent a year ago.
(With PTI inputs)
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