India's GDP growth shoots higher 8.4% in Q3FY24; FY24 growth pegged at 7.6%
% growth in the December quarter, attributed mainly to a robust growth in manufacturing and construction sectors, as it maintained its status as the world's fastest-growing major economy. However, the growth during the fiscal third quarter period was a major step up from the 4.4% recorded in the corresponding period of the previous fiscal year.
According to Mint poll of seventeen economists, India's GDP growth likely slowed down to 6.6% in Q3, lower than the 7.6% reported in the June-September quarter by the statistics ministry. While sectors like XXX put up a robust show, agriculture cooled thanks to an erratic monsoon, National Statistical Office (NSO) data showed.
The quarter saw XXX growth in fixed investments and government spending, while household consumption rose/fell marginally. The Indian economy expanded at 7.8% in the first quarter of the current fiscal year and 7.6% during the next quarter, prompting the Reserve Bank of India (RBI) to revise its fully fiscal year 2023-24 (FY24) growth forecast to 7% from 6.5%.
Meanwhile, the National Statistics Organisation (NSO) has estimated growth at 7.3% for the financial year ending March 2024 in its first advance forecast. The International Monetary Fund (IMF) has, however, a conservative 6.7% GDP growth forecast for India in FY24.
Despite slower growth in the last quarter, India is likely to retain its position as one of the world's fastest-growing economies. The IMF has forecast that the Indian economy will outperform major economies like China (4.6%), the US (2.1%), Japan (0.9%), France (1%), the UK (0.6%) and Germany (-0.5%) in the FY24.Milestone Alert!
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