look news india
New Delhi, 29 February (HS). There is good news on the economy front. The country's gross domestic product (GDP) has increased by 8.4 percent more than expected in the third quarter (October-December) of the current financial year 2023-24. The economic growth rate in the last quarter was 7.6 percent whereas in the same quarter of the previous financial year it was 4.3 percent.
The National Statistical Office (NSO) said in the data released on Thursday that the country's economic growth rate has increased to 8.4 percent in the third quarter of the current financial year 2023-24. According to NSO, the GDP growth rate has increased mainly due to better performance of manufacturing, mining and construction sectors.
In its second advance estimate of national accounts, NSO has estimated the country's economic growth rate to be 7.6 percent in the financial year 2023-24. Earlier, in the first advance estimate released in January, the GDP growth rate was estimated to be 7.3 percent.
Along with this, NSO has revised the estimate of GDP growth rate for the financial year 2022-23 to seven percent. Earlier it was estimated to be 7.2 percent. Actually, GDP growth rate tells the increase in the total value of goods and services over a certain period.
It is noteworthy that economic analysts had estimated the country's GDP growth rate to be 6.8 percent in the October-December quarter. Bank of Baroda had estimated GDP to be 6.8 percent in the third quarter of the current financial year 2023-24. Apart from this, rating agency S&P Global has increased India's GDP growth estimate to 6.4 percent for the financial year 2023-24. However, NSO has estimated the country's economic growth rate to be 7.6 percent.