Indian economy grew at 7.8% in the fourth quarter of last financial year

India’s gross domestic product grew at 7.8% in the financial quarter ending March 2024, according to data released by the Centre on Friday.

This was slower than the 8.4% growth recorded in the quarter ending December 2023, when the Indian economy grew at its fastest pace since the second quarter of 2022. However, the economy grew faster than predicted by analysts.

A survey of economists by Moneycontrol had estimated the gross domestic product to slow down to around 6.5% to 6.7% in the last quarter of the financial year 2023-’24.

The Centre also revised gross domestic product growth for the financial year 2023-’24 to 8.2%, up from the second advance estimate of 7.6% that was released on February 29.

India’s economic output was able to surpass industry estimates largely due to the performance of the manufacturing sector, which grew at 9.9% in 2023'-’24 after slowing down by 2.2% in the financial year 2022-’23, reported Mint. The mining sector, which grew at 7.1% in 2023-’24 over 1.9% in 2022-’23, also contributed.

Today's GDP data showcases robust economic growth with a growth rate of 8.2% for FY 2023-24 and 7.8% for Q4 of FY 2023-24. This remarkable GDP growth rate is the highest among the major economies of the world.

It is worthwhile to note that the Manufacturing sector witnessed...

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