Robust investment activity driving growth, consumption remained steady says Finance Ministry

Finance Ministry stated in a latest monthly report today that building on the momentum from the previous two quarters, Indias economic growth surged to a six-quarter high in Q3FY24, exceeding 8 per cent for the third consecutive time. The higher second advance estimate for economic growth in FY24, released after about eight weeks from the first estimate incorporating more updated information on the recent economic dynamics, has bolstered the optimism about the economy. While consumption remained steady, robust investment activity is driving growth. The continued focus on public investment seems to have crowded in private investment. Strong aggregate demand has stirred manufacturing and construction activities and accompanying professional, financial and real estate services.

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