India’s economy continued to soar, with a growth rate of 7.6% in the July-September quarter of the 2023-24 financial year, solidifying its position as the fastest-growing major economy. This comes after an impressive GDP growth of 7.8% in the April-June quarter for the same year.
According to data from the Ministry of Statistics and Programme Implementation, the real GDP at constant (2011-12) prices in Q2 2023-24 is estimated to reach Rs 41.74 lakh crore, reflecting a 7.6% growth compared to 6.2% in the same period of the previous year, which was Rs 38.78 lakh crore.
The Reserve Bank of India (RBI) had earlier projected a real GDP growth of 6.5% for 2023-24, with growth rates for the various quarters as follows: Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%. However, the central bank expressed concern about rising inflation and its potential impact on the growth outlook in its last monetary policy meeting.
A recent survey conducted by industry body FICCI revealed that the Indian economy is forecasted to grow by 6.3% in the 2023-24 financial year, with the minimum and maximum growth estimates at 6% and 6.6%, respectively. The survey, conducted in September 2023, gathered responses from leading economists representing industry, banking, and financial services sectors.
In addition, the International Monetary Fund (IMF) revised India’s GDP growth forecast for the 2023-24 financial year to 6.3%, citing stronger-than-expected consumption during April-June as the reason for the upward projection. The IMF’s growth forecast has been raised from 5.9% in April to 6.3%, bringing it closer to the 6.5% predicted by Indian authorities. The IMF also projected India’s GDP growth at 6.3% for 2024-25.
Furthermore, the combined Index of Eight Core Industries (ICI) in India showed a significant 12.1% provisional increase in October 2023 compared to the same month in 2022. The production of all eight core industries – including Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, and Steel – recorded positive growth in October 2023, according to an official release from the Union Ministry of Commerce and Industry.
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