India's Q3 FY24 GDP Growth Surges to 8.4%: A Resilient Economic Performance

In a noteworthy turn of events, India's Gross Domestic Product (GDP) has demonstrated an exceptional acceleration, soaring to 8.4% in the third quarter of the fiscal year 2023-24, as revealed by data from the Ministry of Statistics and Programme Implementation. This substantial growth, exceeding both market expectations and the Reserve Bank of India's (RBI) projections, underscores the robustness of the Indian economy.

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India Q3 GDP Data Highlights 

The GDP at constant (2011-12) prices for Q3 FY24 reached Rs 43.72 lakh crore, a significant uptick from the Rs 40.35 lakh crore recorded in the same period last year, translating to an impressive growth rate of 8.4%. The construction sector emerged as a star performer, achieving a double-digit growth rate of 10.7%, while the manufacturing sector contributed significantly with an 8.5% expansion.

Analysts' Projections vs. Actual Growth:

Contrary to earlier estimates, the Centre for Statistical Office (CSO) revised its FY24 real GDP growth forecast upwards to 7.3%, surpassing both market projections and the initial RBI estimate of seven per cent. Notably, the actual Q3 FY24 GDP growth of 8.4% exceeded the State Bank of India's (SBI) expectation of 6.8%, indicating an unexpected vigour in India's economic performance.

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Implications and Future Outlook:

The unexpected surge in Q3 FY24 GDP growth holds profound implications for India's economic trajectory. The stellar performance of the construction and manufacturing sectors not only strengthens India's position in the global economic landscape but also paints a positive picture for the quarters ahead. With analysts divided on the future trajectory—some anticipating sustained growth and others a moderation—India's ability to adapt and thrive in challenging economic conditions becomes increasingly evident.

In conclusion, the Q3 FY24 GDP figures reveal an economy that defies expectations, exhibiting resilience and adaptability in the face of dynamic global challenges. The robust performance positions India as a key player in the global economic arena, with prospects for sustained growth.

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