India's economy has demonstrated remarkable resilience and growth, with the Gross Domestic Product (GDP) expanding at 7.2% in the third quarter of 2024. This impressive growth rate reflects the country's strong economic fundamentals and strategic policy interventions.
Key Highlights
- Manufacturing sector grew by 8.5%
- Services sector expanded by 6.8%
- Agriculture sector maintained steady growth at 4.2%
- Foreign Direct Investment (FDI) inflows increased by 15%
The manufacturing sector emerged as a key driver of growth, expanding by 8.5% year-on-year. This growth was supported by increased production in automobiles, electronics, and pharmaceuticals. The services sector, which accounts for over 50% of India's GDP, also showed strong performance with a 6.8% expansion.
Government initiatives such as "Make in India" and infrastructure development programs have played a crucial role in sustaining this growth momentum. The Reserve Bank of India's monetary policy has also been supportive, maintaining a balance between growth and inflation control.
Looking ahead, economists predict that India will maintain its position as one of the fastest-growing major economies globally, with projections indicating continued strong performance in the coming quarters.