India’s GDP growth jumps to 8.4% in Q3FY24; Govt pegs economic growth at 7.6% for FY24

01 Mar 2024 Evaluate

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), in its Second Advance Estimates (SAE) of National Income, 2023-24; Quarterly Estimates of Gross Domestic Product (GDP) for October-December quarter (Q3) of 2023-24, has showed that India’s economy grew by better-than-expected 8.4 per cent in the October-December quarter of this fiscal (Q3FY24) - the fastest pace in one-and-half years. The GDP growth was 4.3 per cent in the October-December 2022 quarter. The growth rate in October-December was higher than 7.6 per cent in the previous three years.

The third quarter (October-December) growth came on the back of a double-digit (11.6 per cent) surge in the manufacturing sector. The services sector too saw a significant uptick, but the agricultural sector saw a modest contraction of 0.8 per cent during the quarter. Private consumption growth too was sluggish at 3.6 per cent, and according to some economists remains an area of concern in the context of high GDP growth. The growth rate in the third quarter and projections for the full fiscal mean that India will retain its fastest-growing economy tag, especially at a time when global growth is trending down.

The manufacturing sector’s output, as per the gross value added in the third quarter of this fiscal, grew by 11.6 per cent compared to a contraction of 4.8 per cent in the year-ago period. Mining and quarrying grew at 7.5 per cent in the third quarter, up from 1.4 per cent a year ago. The construction sector kept the growth momentum at 9.5 per cent against the same growth rate in the year-ago period. However, the output of the farm sector declined by 0.8 per cent during the quarter compared to a growth of 5.2 per cent a year ago.

The national accounts data showed electricity, gas, water supply, and other utility services segment has grown by 9 per cent year-on-year against an 8.7 per cent rise. The GVA growth in the services sector - trade, hotel, transport, communication and services related to broadcasting - was 6.7 per cent during the third quarter against 9.2 per cent earlier. Financial, real estate and professional services grew by 7 per cent in the third quarter over 7.7 per cent. Public administration, defence and other services posted 7.5 per cent growth against 3.5 per cent in the third quarter of the last fiscal.

The NSO also released the second advance estimate for the current fiscal and pegged the economic growth at 7.6 per cent against 7.3 per cent estimated in the first advance estimate released in January. Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 172.90 lakh crore, against the first revised estimates of GDP for the year 2022-23 of Rs 160.71 lakh crore. The nominal GDP or GDP at current prices in 2023-24 is estimated to attain a level of Rs 293.90 lakh crore against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.1 per cent. The NSO revised downward the GDP growth for 2022-23 to 7 per cent from 7.2 per cent estimated earlier.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Fiduciary-first advisory model.
As SEBI-registered IAs, we are legally and ethically bound to act in the best interests of our clients. We do not sell or distribute any financial products. This ensures our guidance is 100% unbiased and conflict-free.
Deep fundamental research + robust valuation discipline.
Built on more than 15 years of equity research, our framework combines quality assessment, intrinsic value estimation, and a sensible margin-of-safety approach.
Process—not predictions.
We don’t rely on guesswork or market timing. Instead, we focus on asset allocation, risk management, and long-term compounding.
Technology + Human Intelligence.
We believe a combination of both is essential for investing success. We constantly innovate and upgrade in-house tools, financial X-rays, and portfolio analytics so that our team of analysts and advisors are equipped with the best.
Partner with Clients.
We follow a DIWM (Do-It-With-Me) approach where we partner clients in setting goals, financial planning, educating on our investing process and share decision-enabling resources transparently with our clients who retain control on execution.

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

Investing in stocks, mutual funds, debt, and gold
Quality-at-Reasonable-Price way of investing in stocks
Constructing Direct Stock Portfolios with Core, Booster, and Amplifier stocks
A Mutual Fund Portfolio that delivers consistent out-performance and meaningful diversification (low overlap)
Periodic review and rebalancing
Clear Buy-Sell-Hold, and Position-sizing frameworks

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
Logo:
Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.