India’s Q3 GDP Data Out: India’s gross domestic product (GDP) grew 8.4 per cent y-o-y during the October-December 2023 quarter (Q3 FY24) as compared with the 4.3 per cent growth recorded a year ago, according to the latest official data released on Thursday, February 29. The Q3 FY24 GDP growth is higher than what was expected by analysts.

For the Q3 FY24, analysts had expected a slower GDP growth of between 6 per cent and 7 per cent. India’s economy had grown 7.6 per cent in the preceding July-September 2023 quarter.

The government also pegs the FY24 GDP growth rate at 7.6 per cent, according to an official statement.

“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,” according to the statement.

According to the latest data released by the National Statistical Office (NSO), India’s gross value added or GVA, which is GDP minus net product taxes and reflects growth in supply, also grew 6.5 per cent year-on-year during October-December 2023.