PR No – 45
29th February, 2024
New Delhi
Robust Q3 GDP Growth at 8.4% encouraging, the effects of meaningful reforms are visible: PHDCCI
India’s economy has become more robust and resilient and growth is strengthening quarter after quarter; the Q3 growth at 8.4% indicate a strong growth trajectory to continue in the coming quarters too, said Mr. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry, in a press statement issued here today.
Manufacturing, construction and electricity sectors have become the major growth drivers in the recent quarters, said Mr. Sanjeev Agrawal.
The overall real GDP growth projected at 7.6% in 2023-24 is highest among the leading economies, said Mr. Sanjeev Agrawal.
The manufacturing sector has grown at 11.6% in Q3 2023-24 on the back of strategic reforms and prudent policy measures by the government and efforts of industry, said Mr. Sanjeev Agrawal.
The consistent growth in the construction sector at 9.5% is indicating the creation of new employment as the construction sector absorbs skilled, semi skilled and unskilled chunks of workforce, said Mr. Sanjeev Agrawal.
High growth in the electricity, gas, water supply & other utility services at 9% is inspiring as this will boost the manufacturing activities in the economy, said Mr. Agrawal.
The services sector growing at a steady pace of more than 7% is inspiring, displaying that India’s growth momentum will continue, said Mr. Agrawal.
The gross fixed capital formation at 32.4% of GDP for Q3 2023-24, higher than 31.8% in 2022-23 for Q3, is indicating steady capacity expansion for more employment opportunities in the coming times, said Mr. Sanjeev Agrawal.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry