Prime Minister Narendra Modi has once again reiterated that his government will continue in its mission to ensure India’s economic growth is on the upward trajectory soon after data showed that the country’s gross domestic product (GDP) had registered a robust 8.4 per cent growth in the third quarter of 2023-24. While stating that 8.4 per cent growth of the GDP shows the strength of the Indian economy, PM Modi added that the government will continue its efforts for fast economic growth to create ‘Viksit Bharat’.
In his post on X, PM Modi pointed out that the people of the country will lead a better life due to the fast economic growth. “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!” he said.
India’s GDP grew at 8.4 per cent during the October-December quarter of the current financial year. India is already the fastest growing major economy of the world and has come out completely of the COVID pandemic induced slowdown which has derailed several other big countries.
India also has not faced any adverse impact of the Russia-Ukraine war, which has been going on the last two years, as well as the Israel-Hamas conflict in the middle east.
The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters – April-June and July-September, data released by the Ministry of Statistics and Programme Implementation on Thursday showed.
Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 172.90 lakh crore, against the FRE (first revised estimates)of GDP for the year 2022-23 of Rs 160.71 lakh crore.
The growth rate of GDP during 2023-24 has been estimated at 7.6 per cent as compared to growth rate of 7 per cent in 2022-23.
Nominal GDP or GDP at Current Prices in the year 2023-24 is estimated to attain a level of Rs 293.90 lakh crore, against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.1 per cent.
GDP at Constant (2011-12) Prices in Q3 of 2023-24 is estimated at Rs 43.72 lakh crore, against Rs 40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4 per cent. GDP at Current Prices in Q3 of 2023-24 is estimated at Rs 75.49 lakh crore, as against Rs 68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1 per cent.
India’s real GDP growth for the current financial year ending in March 2024 is also pegged at 7 per cent by the Reserve Bank of India. It is 30 basis points lower than the National Statistics Office’s first estimates 7.3 per cent.
The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years.
India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively.
The robustness seen in domestic demand — private consumption and investment — traces its origin to the reforms and measures implemented by the government over the last 10 years, Department of Economic Affairs under the Ministry of Finance had said earlier.
In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion.
(With Inputs From ANI)