Manufacturing pushes Q3 growth to 8.4%, economy to grow at 7.6% in FY24: Govt data
The manufacturing sector's output, as per the gross value added in the third quarter of this fiscal, grew by 11.6% compared to a contraction of 4.8% in the year-ago period.
India's economic growth accelerated to 8.4% in the October-December quarter of this fiscal, mainly due to double-digit growth in manufacturing and a good showing by mining and quarrying and construction sectors.
The GDP (gross domestic product) growth was 4.3% in the October-December 2022 quarter, according to the data released by the National Statistical Office (NSO) on Thursday.
The manufacturing sector's output, as per the gross value added in the third quarter of this fiscal, grew by 11.6% compared to a contraction of 4.8% in the year-ago period.
Mining and quarrying grew at 7.5% in the third quarter, up from 1.4% a year ago.
The construction sector kept the growth momentum at 9.5% against the same growth rate in the year-ago period.
However, the output of the farm sector declined by 0.8% during the quarter compared to a growth of 5.2% a year ago.
The national accounts data showed electricity, gas, water supply, and other utility services segment has grown by 9% year-on-year against an 8.7% rise.
The GVA growth in the services sector -- trade, hotel, transport, communication and services related to broadcasting -- was 6.7% during the third quarter against 9.2%.
Financial, real estate and professional services grew by 7% in the third quarter over 7.7% earlier.
Public administration, defence and other services posted 7.5% growth against 3.5% in the third quarter of the last fiscal.
The NSO also released the second advance estimate for the current fiscal and pegged the economic growth at 7.6% against 7.3% estimated in the first advance estimate released in January.
"Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 172.90 lakh crore, against the first revised estimates of GDP for the year 2022-23 of Rs 160.71 lakh crore. The growth rate of GDP during 2023-24 is estimated at 7.6% compared to the growth rate of 7.0% in 2022-23," the NSO statement said.
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According to the statement, the nominal GDP or GDP at current prices in 2023-24 is estimated to attain a level of Rs 293.90 lakh crore against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.1%.
It stated that the GDP at constant (2011-12) prices in Q3 of 2023-24 is estimated at Rs 43.72 lakh crore against Rs 40.35 lakh crore in Q3 of 2022-23, showing a growth rate of 8.4%.
The GDP at current prices in Q3 of 2023-24 is estimated at Rs 75.49 lakh crore compared to Rs 68.58 lakh crore in Q3 of 2022-23, showing a growth rate of 10.1%, it stated.
The NSO revised downward the GDP growth for 2022-23 to 7% from 7.2% estimated earlier.
"Real GDP or GDP at constant (2011-12) prices for the years 2022-23 and 2021-22 stands at Rs 160.71 lakh crore and Rs 150.22 lakh crore, respectively, showing a growth of 7.0% during 2022-23 as compared to growth of 9.7% during 2021-22," it stated.
The per capita income, i.e.m per capita net national income at current prices is estimated at Rs 1,50,906 and Rs 1,69,496, respectively, for 2021-22 and 2022-23. Per capita PFCE at current prices, for 2021-22 and 2022-23 is estimated at Rs 1,05,092 and Rs 1,18,755, respectively, it stated.
The NSO has also revised GDP estimates for the first and second quarters of this fiscal to 8.2 and 8.1% from 7.8% and 7.6%, respectively.
The economy has expanded 8.2% in April-December 2023 compared to 7.3% a year ago.
Edited by Suman Singh
