Q3FY24 GDP Update_Feb’24: Continued Growth Momentum as Manufacturing Outperforms

This Report comments on the strong economic output registered for Q3FY24 and predicted for FY24. Real GDP for FY24 (as per Second Advance Estimate) threw a positive surprise, and is expected to surge to 7.6% y/y. Jubilant momentum was also reflected in Q3FY24 numbers. The drivers of growth remained government capex, with manufacturing demonstrating unexpected strength. The Report also delves into the yawning gap between GDP and GVA and declining deflator for FY24 vs. FY23. Further, it provides an outlook for FY25, keeping in mind easing global headwinds, while highlighting agriculture growth as a monitorable