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Indian economy statistics in Quarter 3 revealed
The second revised estimates will be the final one for the current fiscal year
The Prime Minister celebrated the GDP growth number on X / Canva
India's GDP growth was recorded at 8.4 percent in the third quarter of 2023-2024 according to data released by the government.
The National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation (MoSPI) released the second revised estimates for the budget, along with the GDP growth number.
Celebrating the state of the economy, Prime Minister Narendra Modi wrote on X, “Robust 8.4 percent GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!”
Robust 8.4% GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!
— Narendra Modi (@narendramodi) February 29, 2024
The government is considering the Second Revised Estimate (SRE) as the final estimate for the economy in the current fiscal year.
What the Third Quarter report tells us
India's economy surged 11.6 percent and 9.5 percent in Manufacturing and Construction, respectively. For businesses, non-financial companies listed on the stock market grew by 5.5 percent, a slight improvement from last quarter.
Manufacturing sales grew by 3.7 percent, with chemical companies declining by 13.5 percent. The IT sector slowed to 3.2 percent from the previous quarter's 5.9 percent.
Expenses for manufacturing companies rose by 4.1 percent, slower than last year's 12.0 percent. Staff costs grew significantly, with varying ratios: 5.7 percent, 48.9 percent, and 10.1 percent for manufacturing, IT, and non-IT services.
Non-financial companies' operating profit margin improved to 16.5 percent, up from 16.0 percent last quarter.
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