Indian Economy Remains Resilient, GDP Grows To 8.4% In Q3, Beating Estimates; FY24 Growth At 7.4%

Indian economy continues to dominate world economies by remaining resilient and above 7%. Beating estimates, India's GDP grows to a whopping 8.4% in Q3FY24, while its full year growth rate stood at 7.4%. The econony has even performed better-than RBI's forecast of 7% in FY24. The latest GDP growth was driven by robust performance in manufacturing and construction sectors.

As per the NSO data, Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of ₹172.90 lakh crore, against the FRE of GDP for the year 2022-23 of ₹160.71 lakh crore. The growth rate of GDP during 2023-24 is estimated at 7.6 percent as compared to growth rate of 7.0 percent in 2022-23.

GDP at Constant (2011-12) Prices in Q3 of 2023-24 is estimated at ₹43.72 lakh crore, against ₹40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4 percent. GDP at Current Prices in Q3 of 2023-24 is estimated at ₹75.49 lakh crore, as against ₹68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1 percent.

Further, nominal GDP or GDP at Current Prices in the year 2023-24 is estimated to attain a level of ₹293.90 lakh crore, against ₹269.50 lakh crore in 2022-23, showing a growth rate of 9.1 percent.

These estimates are released both at Constant (2011-12) and Current Prices, in accordance with the release calendar of National Accounts. Further, it has been decided to consider the SRE as Final Estimates. Accordingly, the practice of bringing out TRE would be discontinued henceforth. Therefore, TRE of 2020-21 and SRE of 2021-22 are Final Estimates for the respective years.