India grows by 8.4% in Oct-Dec quarter defying expectations

Various reports had cited analysts' polls to suggest that India’s GDP will slow down to nearly 6.5%, the lowest in the first three quarters of FY24.

According to the second advance forecast by the National Statistical Office (NSO), India is expected to achieve a growth rate of 7.6% for the fiscal year 2024, positioning it as one of the globe's fastest-growing economies.

The growth in the economy in the third quarter marks a significant increase from the 4.4% growth recorded in the same period of the previous fiscal year, FY23.

Chief Economic Advisor Venkatramanan Anantha Nageswaran said comparing India's GDP vs the world "that the economy continued to defy expectations underscores the structural transformation. So there is a case for global agencies to make an upward adjustment to their estimate of India's potential growth," reported Moneycontrol.

"High-frequency indicators point toward continued good performance in Q4 FY24 too. That is a good sign for the growth momentum," he added.

Prime Minister Narendra Modi said the robust 8.4% GDP growth in Q3 2023-24 shows the strength of the 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!"