India's GDP Growth Surges to 8.4% in Q3, Outpacing All Major Economies
๐ Quick Summary
India's economy recorded its fastest growth in six quarters, driven by robust manufacturing output, record-high tax collections, and a booming services sector that continues to attract foreign investment.
India's gross domestic product expanded by 8.4% year-on-year in the third quarter of the fiscal year, according to data released by the Ministry of Statistics. This marks the highest growth rate since the post-pandemic recovery surge and places India firmly as the world's fastest-growing major economy.
The manufacturing sector led the charge with a 11.6% expansion, while the services sector โ which accounts for over 50% of GDP โ grew at a steady 7.2%. Construction activity rose 9.5%, reflecting the government's continued push for infrastructure development.
"This is a testament to India's structural resilience," said Finance Secretary Ajay Seth. "The combination of fiscal discipline, digital infrastructure, and a young workforce continues to be our competitive advantage."