GDP Grows By 8.4 Per Cent In Q3, Manufacturing Sector Reports Double-Digit Growth

India's Gross Domestic Product (GDP) grew by 8.4 per cent in the third quarter of FY 2023-24, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Thursday (29 February).

As per the second advanced estimate of national income for 2023-24, the GDP is expected to grow by 7.6 per cent, surpassing the first advanced estimate of 7.3 per cent.

MoneyControl reported that this surprising development comes at a time when economists had expected a lower GDP growth of 6.9 percent.

The highest growth is expected in the construction sector, which with a double-digit growth of 10.3 per cent is set to boost the economy in 2023-24. The second is the manufacturing sector with expected growth of 8.5 per cent.

These sectors reported higher growth in the third quarter with the manufacturing sector growing at 11.6 per cent and the construction sector at 9.5 per cent.