Country's GDP reached a new peak!! PM Modi is proud!!

Sowmiya Sriram
Country's GDP reached a new peak!! PM Modi is proud!!
GDP helps to know the economic status of a country. In that way, the central government has reported that India's GDP has grown by 8.4% in the third quarter of the current financial year. The Union Ministry of Statistics and Planning has released the GDP data for the third quarter of the financial year ending december 2024. According to this, the country's GDP has grown by 8.4%. This is due to the strong performance of the construction and manufacturing sectors. The government said it is optimistic that full-year GDP will come in higher than previously forecast at 7.3%, as third-quarter GDP grew more than expected.
Growth from 4.3% to 8.4%: GDP growth was good in a year as against 4.3% in the same period last year. The double-digit growth rate of the construction sector (10.7%), followed by the growth rate of the manufacturing sector (8.5%) contributed to the GDP growth. Apart from that, in the last 6 quarters, this quarter has seen the highest GDP growth of 8.4%. Earlier, India's GDP was estimated at 13.2% in the first quarter of FY2022-23. In this regard, prime minister Modi posted on his X page that the 8.4% GDP growth recorded in the third quarter of 2023-24 shows the strength and potential of the indian economy. He said it would help 140 crore indians live a better life and create a developed India.
 Higher investment is responsible for the country's gross domestic product growth, defying experts' forecasts, and the decline in government revenue expenditure and capital expenditure, along with the decline in key sectors in january 2024, suggest some cautious trends, said Aditi Nair, Chief Economist, ICRA Ltd. sakshi Singh, Chief Economist of hdfc bank said that it should be noted that the agriculture sector has become weak and the growth of the manufacturing and service sector is the reason behind the GDP growth. Growth slows in 8 sectors: Even as the country's GDP grew, 8 key infrastructure sectors recorded a 15-month low of 3.6%, experts said. Fertilizer, steel, and power sectors are not functioning properly. The growth of these sectors was 4.9% in december and 9.7% in january 2023. Similarly, the fiscal deficit of the government has increased to 11 lakh crores at the end of January.

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