India’s Economy Surges: Q3 2023-24 GDP Growth Accelerates to 8.4%, Exceeding Expectations

Current Context: India’s GDP growth for the third quarter of the ongoing financial year accelerated to 8.4% year-on-year.

• This is significantly better than what analysts had estimated.
• The Indian economy grew sharply during the third quarter of FY24 at 8.4 per cent, compared to 4.3 per cent in the same period last year.
• The Prime Minister, Shri Narendra Modi, stated that the robust 8.4% GDP growth in Q3 2023-24 shows the strength of the Indian economy and its potential.
• He also reiterated that efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat.
• This growth rate of GDP during 2023-24 is estimated at 7.6 percent as compared to the growth rate of 7.0 percent in 2022-23.
• The GDP at Constant (2011-12) Prices in Q3 of 2023-24 is estimated at ₹43.72 lakh crore, against ₹40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4 percent.

Question:

Q.1 What was the GDP growth rate of India for the third quarter of FY24?
a. 4.3%
b. 7.6%
c. 7.0%
d. 8.4%