New Delhi, Feb 29 (UNI) Led by double digit growth in the construction activity and improvement in the manufacturing sector, the Indian economy grew at 8.4 per cent in the third quarter of 2023-24, data released by the Ministry of Statistics and Program Implementation showed.
The Indian economy is pegged to grow at 7.6 per cent in 2023-24 over 7 per cent growth registered in the last financial year.
“Double digit growth in the construction sector of 10.7 per cent followed by good growth rate of manufacturing sector at 9.5 per cent have boosted the GDP growth in 2023-24,” an official release said.
In the 3rd Quarter, Manufacturing sector improved and registered double digit growth of 11.6 per cent while construction sector grew at 9.5 per cent.
At 8.4 per cent the growth rate is highest in the last seven quarter, the data shows.
While the upward revision in the second advance estimate of GDP growth to 7.6 per cent from 7.3 per cent was due to a cut in the GDP growth figure for 2022-23 to 7 per cent from 7.2 per cent earlier resulting in a favorable base effect.
The Real GDP or GDP at constant prices (2011-12) prices in the year 2023-24 is estimated to attain a level of Rs 172.90 lakh crore against the First Revised Estimate of GDP for the year 2022-23 of Rs 160.71 lakh crore thereby registering a growth of 7.6 per cent during 2023-24 as compared to 7 per cent in the previous fiscal.
Separately, the Ministry of Finance also released the data for Monthly Review of Accounts of Government of India up to Month of January 20224. According to this the Government has received Rs 22,52,128 crore up to January 2024, 81.7 per cent of Budget Estimate 2023-24 of total receipts.
Of the total receipts, the tax revenue (net to the Centre) stands at Rs 18,79,840 crore and Rs 3, 38,069 crore are from non-tax revenue. While the remaining Rs 34,219 crore are Non-debt capital receipts, according to the consolidated Monthly Account of the Government of India up to the month of January 2024.
Non-Debt Capital Receipts consists of Recovery of Loans Rs 21,664 crore and Miscellaneous Capital Receipts of Rs 12,555 crore. Rs 8,20,250 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India up to this period which is Rs 1,52,480 crore higher than the previous year, Ministry of Finance said in the release.
Total Expenditure incurred by Government of India is Rs 33,54,730 crore (74.7 per cent of corresponding RE 2023-24), out of which Rs 26,33,543 crore is on Revenue Account and Rs 7,21,187 crore is on Capital Account. Out of the Total Revenue Expenditure, Rs 8,21,731 crore is on account of Interest Payments and Rs 3,15,559 crore is on account of Major Subsidies.
The growth rates of Primary sector (comprising Agriculture, Livestock, Forestry, Fishing and Mining & Quarrying), Secondary sector (comprising Manufacturing, Electricity, Gas, Water Supply & Other Utility Services, and Construction) and Tertiary sector (Services) have been estimated as 4.4 per cent, 2.1 per cent and 10.0 per cent respectively in 2022-23 as against growth rates of 4.8 per cent, 12.7 per cent and 9.2 per cent respectively in the previous years.
