Prime Minister Narendra Modi on Thursday hailed India’s economic expansion in Q3 FY 2023-24, saying the robust 8.4 per cent growth shows the strength and potential of the country’s economy.
In a social media post on ‘X’, the prime minister asserted that his government’s efforts to bring fast economic growth shall create a developed India.
“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!,” said the PM.
His remarks came after data released by the Ministry of Statistics and Programme Implementation showed India’s Gross Domestic Product (GDP) grew 8.4 per cent in the October-December quarter of the FY 2023-24.
The growth rate of the GDP was higher than the 7.6 per cent in the previous quarter. It also beat the estimates by several experts who had predicted the GDP growth to slowdown at 6.6 per cent in the October-December quarter.
India’s infrastructure output in January 2024 remained 3.6 per cent year on year. The economy is estimated to grow at 7.6 per cent for the 2023-24 Financial Year.
The higher than estimates growth was driven mainly by 11.6 per cent growth rate in manufacturing sector and 9.5 per cent growth rate in the construction sector.
The robust economic growth also comes as boost to PM Modi, who is eyeing a third straight term in Lok Sabha elections scheduled to be held later this year.
The issue of economy was among the biggest issues raised by the Opposition while going into the general elections. Economic distress, unemployment and inflation are among the major issues the Opposition is banking on to target the Modi government.