Indian economy grew 8.4 percent in December quarter: data

February 29, 2024 06:51 PM

India's economy grew 8.4 percent in the December quarter, official data showed Thursday, with a surging manufacturing sector helping defy more modest analyst forecasts.

The world's most populous country is already among the best-performing economies thanks to robust domestic demand and investment.

Thursday's results were significantly higher than the 7.0 percent projected by India's central bank and other lower estimates by analysts.

"Double-digit growth in the manufacturing sector, followed by a good growth rate of construction sector" were responsible for the better-than-expected performance, the National Statistical Office said.

The result is a fillip to the already commanding position of Prime Minister Narendra Modi ahead of a national election due in the coming months, which he is widely expected to win.

Modi said in a social media post the GDP figures showed "the strength of Indian economy and its potential" to help India's 1.4 billion people "lead a better life".

Thursday's data also revised its previous figures for the March and June 2023 quarters above 8.0 percent.