India GDP growth rate: The GDP growth rate for the third quarter of the financial year 2023-24 was 8.4% | इंडिया जीडीपी ग्रोथ रेट : वित्त वर्ष 2023-24 की तीसरी तिमाही की जीडीपी ग्रोथ रेट 8.4 % रही

Title: Surprising Growth: India’s Economy Beats Expectations in Q3 FY 2023-24

In a remarkable turn of events, India’s economy has outpaced all predictions, with the latest GDP figures revealing unprecedented growth in the December quarter of the fiscal year 2023-24. Despite earlier projections of sluggishness by rating agencies and experts, the economy surged ahead, recording a remarkable 8.4% growth rate.

This surge follows an already impressive 7.6% growth rate in the second quarter, indicating a sustained momentum in economic expansion. The unexpected acceleration has caught many by surprise, particularly considering the Reserve Bank of India’s conservative estimate of 6.5% growth for the December quarter. Even SBI Research’s projection, ranging between 6.7 to 6.9%, fell short of the actual figures.

Prime Minister Narendra Modi took to social media to express his optimism, attributing the robust GDP growth to the strength of the Indian economy and its capabilities. He emphasized the government’s commitment to fostering rapid economic development, aimed at improving the lives of all citizens and advancing India’s journey towards becoming a developed nation.

The Ministry of Commerce and Industry’s recent statement, however, highlights a contrasting trend in the performance of core sectors. Despite overall economic growth, the growth rate of eight core sectors in India hit a 15-month low in January, standing at 3.6% on an annual basis. This dip marks a notable decrease from the 4.9% growth recorded in December 2023 and the 9.7% growth seen in January 2023.

Nevertheless, positive growth rates were observed in key sectors such as coal, steel, cement, natural gas, electricity, and crude oil, underscoring the resilience of certain industries amidst broader economic fluctuations.

On the fiscal front, the government’s expenditure has led to a fiscal deficit amounting to 63.6% of the revised annual target of 11 lakh crore rupees by the end of January in the current fiscal year. While this figure is lower than the 67.8% recorded during the same period last year, it signifies ongoing challenges in managing the fiscal balance. The fiscal deficit for the fiscal year 2023-24 is projected to be 17.35 lakh crore rupees, equivalent to 5.8% of the Gross Domestic Product (GDP).

Despite mixed indicators across sectors, the unexpected surge in GDP growth offers a beacon of hope for India’s economic trajectory. As the nation navigates through various challenges, the resilience displayed by its economy underscores the potential for continued growth and prosperity in the years to come.