The Ministry of Statistics and Programme Implementation released the October-December (third) quarter data on Thursday that showed a rise of 8.4 per cent in Gross Domestic Product (GDP).
The announcement comes ahead of the Lok Sabha elections, which are scheduled to be declared around mid-March. PM Modi hailed the GDP numbers. In a post on X, the Prime Minister says, “Robust 8.4% GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!”
According to the data, the GDP growth for the October-December 2022 quarter stood at 4.3 per cent. The dominant spike was seen in the manufacturing industry with double-digit growth and good results in the mining & quarrying and construction sectors. In the third quarter of this fiscal year, the manufacturing sector’s output, measured by gross value added, recorded a growth of 11.6 per cent, a significant improvement compared to the 4.8 per cent contraction observed in the same period of the previous year.
The GDP number data came days after the NSSO released the consumption pattern survey. Siteing the consumption data, PM Modi at an event had said that India’s poverty is at its lowest at 5 per cent.