India's economy experienced a significant growth of 8.4 percent in its GDP during the October-December quarter of the current financial year 2023-24, solidifying its position as the fastest-growing major economy.
According to data released by the Ministry of Statistics and Programme Implementation on Thursday, the Indian economy experienced growth rates of 7.8 per cent and 7.6 per cent in the previous two quarters, namely April-June and July-September.
The estimated Real GDP or GDP at Constant (2011-12) Prices for the year 2023-24 is projected to reach Rs 172.90 lakh crore, compared to the first revised estimates of GDP for the year 2022-23 which stood at Rs 160.71 lakh crore.
The estimated GDP growth rate for the year 2023-24 is 7.6 percent, which is higher than the growth rate of 7 percent in 2022-23.
The projected Nominal GDP or GDP at Current Prices for the fiscal year 2023-24 is expected to reach Rs 293.90 lakh crore, compared to Rs 269.50 lakh crore in 2022-23, indicating a growth rate of 9.1 per cent.
The estimated GDP at constant (2011-12) prices for the third quarter of 2023-24 is Rs 43.72 lakh crore, compared to Rs 40.35 lakh crore in the third quarter of 2022-23, indicating a growth rate of 8.4 per cent. The estimated GDP at current prices for the third quarter of 2023-24 is Rs 75.49 lakh crore, as opposed to Rs 68.58 lakh crore in the third quarter of 2022-23, showing a growth rate of 10.1 per cent.
India's Reserve Bank has projected a 7 per cent real GDP growth for the ongoing financial year until March 2024. This figure is 30 basis points lower than the initial estimate of 7.3 per cent provided by the National Statistics Office.
The economy has experienced a growth rate of over 7 per cent in the past three years due to the strong demand from within the country.
India's economy experienced a growth rate of 7.2 per cent in the fiscal year 2022-23, while it expanded by 8.7 per cent in the previous fiscal year, 2021-22.
The strength observed in the internal demand, including private consumption and investment, can be attributed to the government's reforms and actions carried out in the past decade, as previously stated by the Department of Economic Affairs under the Ministry of Finance.
According to the finance ministry, India is projected to become the world's third-largest economy within the next three years, with a GDP of USD 5 trillion. The ministry also stated that India has the potential to grow into a USD 7 trillion economy by 2030, within the next six to seven years.
The Indian economy is currently looking positive due to several factors, including strong predictions for GDP growth, manageable inflation rates, stability in the central government, and indications that the central bank has finished tightening its monetary policy.
