Prime Minister Narendra Modi has lauded India's robust 8.4% GDP growth in the third quarter of the fiscal year 2023-24, highlighting the nation's economic resilience and potential. In a social media post, PM Modi emphasized the government's dedication to fostering rapid economic growth to establish a prosperous "Viksit Bharat" (Developed India), ultimately enhancing the quality of life for all citizens.
"Robust 8.4% GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!" PM Modi wrote on X.
India's GDP expansion at an impressive 8.4% during the October-December quarter underscores its position as the fastest-growing major economy globally. The Ministry of Statistics and Programme Implementation's data revealed that India sustained a growth rate of 7.8% and 7.6% in the preceding two quarters of April-June and July-September, respectively.
Projected figures indicate a significant uptick in India's GDP for the fiscal year 2023-24. Real GDP at Constant (2011-12) Prices is estimated to reach Rs 172.90 lakh crore, representing a growth rate of 7.6% compared to the previous fiscal year. Nominal GDP at Current Prices is anticipated to hit Rs 293.90 lakh crore, reflecting a growth rate of 9.1%.
For the third quarter of 2023-24, GDP at Constant (2011-12) Prices is projected at Rs 43.72 lakh crore, marking an 8.4% growth compared to the same period in the previous fiscal year. GDP at Current Prices for the same quarter is estimated at Rs 75.49 lakh crore, indicating a growth rate of 10.1%.
Despite the optimistic growth trajectory, the Reserve Bank of India forecasts India's real GDP growth for the current financial year ending in March 2024 at 7%, slightly lower than the National Statistics Office's initial estimates of 7.3%. However, India's economy has consistently demonstrated resilience, driven by robust domestic demand fueled by private consumption and investment.
The Department of Economic Affairs, under the Ministry of Finance, attributes the economy's strength to reforms and measures implemented over the past decade. Furthermore, India is poised to ascend to the rank of the world's third-largest economy over the next three years, with a projected GDP of USD 5 trillion.
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