India’s real or inflation-adjusted Gross Domestic Product (GDP) grew by 8.4% during the October-December quarter of FY24, according to the latest data released by Statistics Ministry today (February 29).
The GDP rate for Q3 FY24 was nearly the double of 4.3% growth recorded in the same quarter of FY 2022-23.
“GDP at Constant (2011-12) Prices in Q3 of 2023-24 is estimated at ₹43.72 lakh crore, against ₹40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4 percent. GDP at Current Prices in Q3 of 2023-24 is estimated at ₹75.49 lakh crore, as against ₹68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1 percent,” National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) said in a press note.
According to the ministry, the real GDP rate for FY 2023-24 is estimated to be 7.6%. In FY 2022-23, the real GDP rate was 7%.
Note: Real GDP is the GDP at Constant (2011-12) prices.
“Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of ₹172.90 lakh crore, against the FRE of GDP for the year 2022-23 of ₹160.71 lakh crore. The growth rate of GDP during 2023-24 is estimated at 7.6 percent as compared to growth rate of 7.0 percent in 2022-23,” the ministry said.
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Nominal GDP or GDP at current prices is estimated to grow at a rate of 9.1% in FY 2023-24.
Gross fixed capital formation (GFCF), which is a proxy to measuring investment activity in the broader economy, grew 10.5% during October-December quarter of FY24.
Private final consumption expenditure (PFCE), which helps gauge household spending trends, increased 3.5% during the quarter. However, Government Final Consumption Expenditure fell 3.2% compared to the previous quarter of FY24.
The quarterly GDP estimates for the quarter January-March, 2024 (Q4 2023-24) and Provisional Estimates of National Income for the year 2023-24 will be released on 31st May, 2024.
