India’s GDP has grown 8.4% in third quarter i.e. October-December 2023, due to high growth in construction, manufacturing sector. The GDP data has surpassed the economists expectation who were expecting the GDP to contract from previous quarter due to nominal decline in government spending,slow growth in industrial output and inadequate monsoon.
This was also due to the fact that Government spending contracted 3.2 per cent during October-December quarter and the private consumption increaded by 3.5 per cent. This GDP growth will strengthen India’s position as a fast growing economy. A double digit growth rate in manufacturing sector, along with boost in construction sector with 9.5 per cent growth has contributed largely towards the overall GDP growth and in strengthening the economy. The growth in construction sector signifies increasing demand for commerical and residential spaces.Inspite of the global economic landscape appearing volatile and shaky, Indian economy continues to remain strong and showcase a robust economic growth.
India continues to hold the tag of the world’s fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in December quarter on booster shots from government manufacturing and spending.
