GDP Q3 Data: GDP figures for the third quarter of the financial year 2023-24 will be declared on Thursday, 29 February 2024. The economic growth rate during the October to December quarter is estimated to be 6.7 to 6.9 percent, which is lower than the GDP growth rate of 7.6 percent in the second quarter. Due to the poor performance of the agriculture sector, the GDP growth rate is expected to be low.
SBI Research has released a report on Wednesday in which this estimate has been made. SBI has made this estimate a day before the release of the official data of GDP growth for the third quarter of the financial year 2023-24. Whereas in the second quarter, due to the strong boom in the manufacturing sector, the GDP growth rate was much higher than expected at 7.6 percent. With this figure, India became the fastest growing economic country in the world. The reason for the rapid economic growth There was a boom in manufacturing activities with the increase in government expenditure.
SBI Research's estimate of growth rate of 6.7 to 6.9 percent in the third quarter is lower than the Reserve Bank of India's estimate of growth rate of 7 percent. SBI Research has predicted a growth rate of 6.8 percent in the fourth quarter. SBI Research said that the biggest reason for the estimated decline in growth rate in the October-December, 2023 quarter is the poor performance of the agriculture sector.
According to the first advance estimate of annual GDP growth by the Central Statistics Office (CSO), the country's economy will grow at the rate of 7.3 percent in the financial year 2023-24. Earlier in the financial year 2022-23, GDP was 7.2 percent. Releasing the advance estimate data of GDP, the Central Statistics Office said that the country's GDP could be Rs 171.79 lakh crore in 2023-24, which was Rs 160.66 lakh crore in 2022-23.
The International Monetary Fund has said that India will grow at the rate of 6.5 percent in 2024. IMF has improved its estimate by 20 basis points. Even in 2025, IMF has estimated that India's GDP could be 6.5 percent. However, this is less than the estimate of 6.7 percent for 2023. Whereas the Government of India's own estimate is 7.3 percent.
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