GDP growth for Q3 FY24 came in at 8.4% YoY. However, GDP growth was lifted by higher net indirect tax collections in this quarter. At 6.5%, GVA growth was much closer to market expectations. Growth was supported by strong investment activity and a slight recovery in private consumption while government expenditure and net exports exerted a drag. On the production side of the economy, GVA growth was buoyed by acceleration in the services sector and surprisingly strong performance of the industrial sector. Meanwhile, the agriculture sector GVA contracted. The continued rapid pace of growth underscores India’s generally favourable macro fundamentals and strengthens the case for RBI patience in considering any potential adjustments to its monetary policy stance. Growth outlook remains largely positive albeit with some moderation in the rate of growth expected in the near term.
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