India Q3FY24 GDP sees surprising uptick: GDP grew at 8.4% Vs 7.6% in Q3FY23

Q3 GDP grew 8.4%, higher than expectation.

Statistics Ministry’s second advance estimates indicate a full year GDP growth of 7.6%, surpassing initial estimate of 7.3%.

Growth of eight key infrastructure sectors decelerated to a 15-month low of 3.6 % in January.

Core sectors experienced a growth rate of 4.9% in December.

In January 2023, the growth rate of core sectors  stood at a higher rate of 9.7%.

Fiscal deficit reached Rs 11 lakh crore at the end of January, 63.6 % of the revised annual target.

During the corresponding period last year, the fiscal deficit stood at 67.8 percent of the Revised Estimates (RE).

The advance estimates for FY2024 GDP growth have been revised up to 7.6% from 7.3%.

Private final consumption expenditure growth inched up but remained tepid at 3.5% in Q3 FY2024.

Investments emerged as the fastest growing component of GDP in Q3 FY2024