India's economy grew 8.4% in Q3 FY24 driven by manufacturing, mining, construction

India's economic growth accelerated to 8.4% in the third quarter of 2023-24, mainly due to good performance by the manufacturing, mining and quarrying and construction sectors.

The Indian economy recorded a growth of 8.4% in the third quarter of this fiscal (October-December 2023), according to data released by the National Statistical Office (NSO) on Thursday.

The NSO, in its second advance estimate of national accounts, pegged the country's growth at 7.6% for 2023-24.

It had projected a growth of 7.3% for the current fiscal in its first advance estimates released earlier in January 2024.

The NSO also revised the GDP growth for 2022-23 to 7% against the earlier estimate of 7.2%.

Earlier today, the Union Cabinet approved setting up three semiconductor units by Tata Group and Renesas, among others, at an investment of Rs 1.26 lakh crore to reduce India's reliance on chip imports.

The units will serve sectors like defence, automobiles, and telecommunications and construction will begin within 100 days. These units fall under the 'Development of Semiconductors and Display Manufacturing Ecosystem' program, receiving government support of up to Rs 76,000 crore.