NEW DELHI: India Inc on Thursday mentioned 8.4 per cent GDP development within the October-December quarter of FY24 has “surpassed” expectations, and the economic system is on a excessive development trajectory because of sustained reforms undertaken by the federal government.
India’s financial development accelerated to eight.4 per cent within the October-December quarter of this fiscal, pushed by double-digit development in manufacturing and good displaying by mining & quarrying and development sectors.
The GDP (gross home product) development was 4.3 per cent within the October-December 2022 quarter, in accordance with the info launched by the Nationwide Statistical Workplace (NSO) on Thursday.
“Trade is enthused to notice the sturdy set of GDP development numbers for the third quarter (YoY), which surpassed expectations…What’s extra comforting to notice is the truth that the strong enlargement got here regardless of the recurring spate of geopolitical flashpoints,” mentioned Chandrajit Banerjee, director normal, CII.
He additional mentioned the Indian economic system is on a excessive development trajectory supported by structural reforms and enhancements in each ease and price of doing enterprise.
“This makes us assured that the Indian economic system will proceed to develop at 7 per cent plus development fee over the medium time period,” he added.
Deepak Sood, Secretary Common of Assocham, mentioned India’s stellar 8.4 per cent GDP development for the third quarter of 2023-24 is certainly laudable.
“What stands out is the double-digit enlargement in manufacturing. Constant excessive development in manufacturing can present a transformative change within the path of our economic system,” he mentioned.
Based on the NSO information, mining and quarrying grew at 7.5 per cent within the third quarter, up from 1.4 per cent a 12 months in the past. The development sector saved the expansion momentum at 9.5 per cent in opposition to the identical development fee within the year-ago interval.
Nevertheless, the output of the farm sector declined by 0.8 per cent through the quarter in comparison with a development of 5.2 per cent a 12 months in the past.
Commenting on the info, Aditi Nayar, Chief Economist, Icra, mentioned the third quarter information on India’s development threw up a divergent development, with the GVA development moderating broadly on anticipated traces to six.5 per cent, and the GDP increasing by a a lot increased than anticipated.
“This huge hole adopted a surge within the development of web oblique taxes to a six-quarter excessive of 32 per cent on this quarter, which is unlikely to be sustainable. In our view, it might be extra applicable to have a look at the development within the GVA development to grasp the underlying momentum of financial exercise,” she mentioned.
The NSO additionally launched the second advance estimate for the present fiscal and pegged the financial development at 7.6 per cent in opposition to 7.3 per cent estimated within the first advance estimate launched in January.
India’s financial development accelerated to eight.4 per cent within the October-December quarter of this fiscal, pushed by double-digit development in manufacturing and good displaying by mining & quarrying and development sectors.
The GDP (gross home product) development was 4.3 per cent within the October-December 2022 quarter, in accordance with the info launched by the Nationwide Statistical Workplace (NSO) on Thursday.
“Trade is enthused to notice the sturdy set of GDP development numbers for the third quarter (YoY), which surpassed expectations…What’s extra comforting to notice is the truth that the strong enlargement got here regardless of the recurring spate of geopolitical flashpoints,” mentioned Chandrajit Banerjee, director normal, CII.
He additional mentioned the Indian economic system is on a excessive development trajectory supported by structural reforms and enhancements in each ease and price of doing enterprise.
“This makes us assured that the Indian economic system will proceed to develop at 7 per cent plus development fee over the medium time period,” he added.
Deepak Sood, Secretary Common of Assocham, mentioned India’s stellar 8.4 per cent GDP development for the third quarter of 2023-24 is certainly laudable.
“What stands out is the double-digit enlargement in manufacturing. Constant excessive development in manufacturing can present a transformative change within the path of our economic system,” he mentioned.
Based on the NSO information, mining and quarrying grew at 7.5 per cent within the third quarter, up from 1.4 per cent a 12 months in the past. The development sector saved the expansion momentum at 9.5 per cent in opposition to the identical development fee within the year-ago interval.
Nevertheless, the output of the farm sector declined by 0.8 per cent through the quarter in comparison with a development of 5.2 per cent a 12 months in the past.
Commenting on the info, Aditi Nayar, Chief Economist, Icra, mentioned the third quarter information on India’s development threw up a divergent development, with the GVA development moderating broadly on anticipated traces to six.5 per cent, and the GDP increasing by a a lot increased than anticipated.
“This huge hole adopted a surge within the development of web oblique taxes to a six-quarter excessive of 32 per cent on this quarter, which is unlikely to be sustainable. In our view, it might be extra applicable to have a look at the development within the GVA development to grasp the underlying momentum of financial exercise,” she mentioned.
The NSO additionally launched the second advance estimate for the present fiscal and pegged the financial development at 7.6 per cent in opposition to 7.3 per cent estimated within the first advance estimate launched in January.
