According to a Reuters survey, analysts had predicted that Asia’s third-largest economy would expand by 6.6% over the last three months of the previous year.
India’s Gross Domestic Product (GDP) grew by 8.4% annually in the third quarter (October–December), exceeding analysts’ expectations. The previous quarter saw growth of 8.1%. The data was released on Thursday by the National Statistical Office (NSO).
Additionally, the figures for Q1 and Q2 FY24 have been updated to 8.2% (up from 7.8%) and 8.1% (up from 7.6%), respectively.
A median survey of fifteen economists by ET predicted that the economy will expand by 6.6% during the third quarter. Estimates for the quarter ending in December ranged from 6.2 percent to 6.5 percent. For the same time frame, the Reserve Bank of India (RBI) had projected a growth rate of 6.5%.
Additionally, the forecast for FY24 was raised from 7% to 7.6%. “The First Revised Estimates (FRE) of GDP for the year 2022–2023 are Rs 160.71 lakh crore, while the Real GDP, or GDP at Constant (2011–12) Prices, for the year 2023–2024 is anticipated to be Rs 172.90 lakh crore. The real GDP is expected to expand by 7.6% in 2023–24 as opposed to 7.0 percent in 2022–2023,” the official announcement said.
A Reuters poll had predicted that weaker consumption and a sluggish industrial sector would cause GDP growth to drop below 7% for the first time in the current fiscal year between October and December.
But the data that was made public indicated different. Comparing the manufacturing sector’s growth to that of the previous quarter, it was 11.6% as opposed to 14.4%. In the corresponding period of the previous fiscal year, the manufacturing sector had shrunk by 0.4%.
The agricultural sector shrank by 0.8% this quarter after expanding by 1.6% in the previous one. Mining increased by 7.5%, compared to the previous quarter’s 11.1% growth.
Compared to 10.5%, the expansion of public utilities, including electricity, was 9%. Concurrently, the growth rate in building increased to 9.5% from 13.5% in the preceding quarter. From 4.5 percent, trade, lodging, transportation, and communication increased to 6.7%.
A Growing Economy
According to the government’s first advance projection, India’s economy would develop at a rate of 7.3% for the current fiscal year, keeping it among the fastest-growing in the world. This coincides with China’s slowing down and the eurozone just averting a technical recession.
India’s long-term economic potential was emphasized by Deutsche Bank economist Kaushik Das, who projected nominal GDP growth of 10% and real GDP growth of at least 6% to 6.5%.
India’s (GDP) budget deficit for April through January was ₹11.03 trillion, or 64% of the yearly target.
In the first 10 months of FY24, India’s fiscal deficit was ₹11.03 trillion, or 63.6% of the revised annual estimate, according per figures issued on Thursday by the Controller General of Accounts.
At ₹11.91 trillion for the same time in the previous year, the budget deficit was 67.8% of the yearly forecast of ₹17.55 lakh crore for FY23.
After being updated after the voting on the account budget on February 1st, the planned annual projections for the fiscal deficit for FY24 were ₹17.87 trillion.
Despite an increase in government expenditure to support economic growth, the budget deficit decreased as a result of stronger tax revenues and a rise in non-tax revenue.
The Center intends to lower the fiscal deficit—the gap between government revenue and outlays—from 6.4% of GDP in the previous fiscal year to 5.8% in FY24. During the recently submitted vote on the account budget, the fiscal deficit objective for FY24 was changed from 5.9% of GDP. By FY25, the government intends to reduce the budget deficit to 5.1% of GDP.
Increased debt and debt payment costs result from a larger fiscal deficit, which can be detrimental to the economy and run the risk of depreciating the value of the currency and affecting private investments.
What was India’s GDP in the last 10 years?
India’s GDP grew by 7% CAGR in US dollars during the previous ten years to reach USD 3.6 trillion, moving it up from the eighth to the fifth biggest economy.
What is GDP of India 2023?
According to a Moneycontrol study of 10 experts, India’s GDP growth probably decreased from 7.6 percent in the previous quarter to 6.5 percent in October–December 2023. –Just 4.5% of India’s GDP increased in the third quarter of 2022–2023.
What is China GDP 2023?
China’s GDP in 2023 exceeded forecasts, increasing at a rate of 5.2% annually at constant prices to reach RMB 126.06 trillion (US$17.52 trillion), as per estimates from the country’s National Bureau of Statistics (NBS).
Who is the No 1 GDP country?
At 26,854 billion dollars, the GDP of the United States is the largest economy in the world. Places two and three, respectively, go to China and Japan.
Also, visit…
Sundar Pichai, CEO of Google, calls certain responses “unacceptable” and is working to fix Gemini AI
OnePlus Watch 2 with Stainless Steel Body and Wear OS launched
Neil Wagner of New Zealand has announced his retirement from Test Cricket
Anant Ambani Rescued Over 2000 Animals Including Tigers and Elephants Inside Vantara