GDP grew by 8.4 percent in the third quarter of the current financial year

- Good outlook of manufacturing, mining and construction sector

- GDP was 4.3 percent in the corresponding period of last year : GDP is estimated to be 7.6 percent for the entire financial year 2023-24.

- 8.4 percent GDP shows the strength and capacity of the country's economy: Modi

New Delhi: In the third quarter of the current financial year 2023-24 i.e. from October to December, 2023, the country's GDP has increased by 8.4 percent. GDP growth in the third quarter was seen on the back of double-digit growth in the manufacturing sector and good performance in the mining and construction sectors.

According to the figures released by the National Statistical Office (NSO), the GDP was 4.3 percent in the period from October to December, 2022. A growth of 11.6 percent has been seen in the manufacturing sector in the third quarter of the current financial year. In the corresponding period last year, the manufacturing sector saw a decline of 4.8 percent.

In the third quarter of the current financial year, the mining sector has seen a growth of 7.5 percent. Which is 1.4 percent higher than the same period last year. In the third quarter of the current financial year, the growth rate of the construction sector has been 9.5 percent. The growth rate of this sector remained the same in the same period a year ago.

However, in the third quarter, the growth of the agriculture sector has declined by 0.8 percent. However, the growth rate of this sector was 5.2 percent in the same period last year. NSO has estimated GDP at 7.6 percent for the entire financial year 2023-24.

Regarding the GDP figures, Prime Minister Modi has said that the impressive GDP of 8.4 percent in the third quarter shows the strength and potential of the Indian economy. He further said that our efforts are to make the economy grow faster so that the lives of 1.4 billion citizens can be improved and the dream of a developed India can be realized.

Meanwhile, core sector figures were also announced today. Growth in eight important core sectors slowed to 3.6 percent in January, a 15-month low.

According to data released by the government, the growth of eight core sectors decelerated due to weak performance in refinery products, fertilisers, steel and power sectors. It is worth mentioning that the growth rate of eight core sectors coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity was 4.9 percent in December, 2023. In January, 2023, this growth rate was 9.7 percent.

Fiscal deficit as of January 63.6 percent of annual target

In the current financial year, by the end of January, the government's fiscal deficit has reached 11 lakh crore rupees, which has reached 63.6 percent of the annual target, according to the figures released by the government. In the current fiscal year 2023-24, the fiscal deficit of the government is estimated to be Rs 17.35 lakh crore.

Which is 5.8 percent of GDP. The central government has spent 33.54 lakh crore rupees by the end of January while its income has reached 22.52 lakh crore rupees. That is, the financial deficit of the government has become 11 lakh crore rupees.