01-Mar-2024
2 mins read
India’s gross domestic product (GDP) data for Q3 for fiscal 2023-24 was released on February 29, 2024, by the Statistics Ministry. India’s Q3 GDP grew by 8.4%, which beats the estimates of many economists and RBI projections.
Q3 GDP Top Performing Sector – Manufacturing
India’s GDP growth is fueled by the manufacturing and construction sectors. Both the sectors turned out to be top performing in the October to December quarter GDP. The manufacturing sector grew by 11.6% and construction expanded by 9.5% annually.
Q3 GDP Weakest Sector – Agriculture
In the recent Q3 GDP data, the Agricultural sector emerged as the weakest sector. The agricultural sector contracted by 0.8% in the December quarter. In the previous quarter, this sector witnessed a growth of 1.6%. The growth rate stood at 5.2% during the same quarter in the previous financial year.
GDP data reveals that private consumption in the sector increased by 3.5% in the December quarter. Meanwhile, there is a contraction in government consumption to 3.2%.
Q3 GDP – Import and Export Update
There was a decline in the share of exports visible during the December quarter. The share stood at 22.2%, dropped from 23.3% in the same quarter of the previous year. Also, imports declined to 24% compared to 27.5% during the previous quarter.
Gross Fixed Capital Formation picked up pace at 32.4%,on an annual basis, in the December quarter FY24. GFCF is an indicator of the country’s investment level.
India’s PM tweeted “Robust 8.4 per cent GDP growth in Q3 2023-24 shows the strength of the 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!”