Economy on fire: India's GDP revised up again

livemint.com:

India’s official gross domestic product (GDP) growth data suggests the economy is on fire, even if not firing on all cylinders. At 7.6%, the latest growth estimate for 2023-24 is better than the 7.3% the government had earlier predicted, which itself was an upward surprise. At this rate, the current fiscal year will mark quite a pick-up from 2022-23, when the economy grew a revised 7% (down from 7.2%) and many had expected it to lose pace thereafter.

A clearer picture emerges when we look closer. Growth in the October-December period, or third quarter of 2023-24, clocked 8.4% year-on-year. Estimated rates for previous quarters have been revised too, resulting in a momentum that places India in a position to report a distinct acceleration.

Of course, this fiscal year still has a month left to go and it will be a long while before we’ll have a final figure for 2023-24. Sector-wise data presents an uneven picture. Most sectors have posted robust value addition.

Manufacturing grew 11.6% on that count in the third quarter. But agriculture is tottering. Its value addition was stagnant in the last quarter.