NSO’s First Advance Estimates of India’s FY24 GDP

NSO's First Advance Estimates of India's FY24 GDP

New Delhi, February 29: India’s gross domestic product (GDP) in the third quarter of the current financial year in October-December stood at a higher-than-expected 8.4 percent. These figures have been released by the Office of National Statistics. The rate of GDP in the last quarter was 8.1. The Reserve Bank of India had predicted a growth rate of 6.5 percent in the October-December period. A strong growth in GDP is a positive sign for the Indian economy.

Considering this pace of economic growth, the forecast for 2023-24 has been revised. Earlier this rate was 7 percent, now it has been increased to 7.6 percent. According to economists’ estimates, India’s economy will grow at a fast pace of 6.6 percent in the quarter. But in reality all these predictions turned out to be wrong.

India is one of the fastest growing economies in the world. The government has predicted the growth rate of 7.3 for the current financial year. India, however, has maintained the pace of development despite the economic crisis faced by China and many countries in Europe. China’s economy is still growing slowly.

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