The economy of the India reached its fastest growth rate by registering a GDP of 8.4% in the third quarter (October to December) of fiscal year 2023-2024, driven by strong manufacturing activity and growth in the construction sector.
Prices of the gross domestic product (GDP) “show a growth rate of 8.4%” in the third quarter of 2023-2024, the Ministry of Statistics and Program Implementation of India reported this Thursday in a statement.
This represents the fastest growth figure for the Asian country’s economy in the last year, after the strong rise in the 7.8% which it recorded in its previous quarterly exercise, which runs from April to June.
India’s GDP growth is mainly driven by the double-digit growth rate of the construction sector (10.7 percent), followed by growth rate in the manufacturing sector, which stood at 8.5% according to data from the Indian Government.
The data also indicated a GDP growth rate during 2023-24, which is estimated at 7.6% compared to the growth rate of 7% in the previous year.
The upward trend experienced by the Indian economy in the last year is a boost for the country’s Prime Minister, Narendra Modi, ahead of the general elections, scheduled for April and May of this year.
In 2022, India will be positioned as the fifth largest economy in the world, according to the projections of the International Monetary Fund (IMF), displacing the United Kingdom and only surpassed by the United States, China, Japan, and Germany.
Source: Gestion
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