{"id":7217,"date":"2024-03-02T08:13:51","date_gmt":"2024-03-02T08:13:51","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=7217"},"modified":"2026-02-25T14:50:55","modified_gmt":"2026-02-25T14:50:55","slug":"8-4-surge-in-growth-came-out-as-a-surprise","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/essentials\/8-4-surge-in-growth-came-out-as-a-surprise\/","title":{"rendered":"8.4% Surge in Growth Came Out as a Surprise"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">India\u2019s growth talks are no longer a hypothetical digit but rather a reality in itself. The 8.4% came out as a surprising one from October to December quarter last year and the part contribution comes from manufacturing and construction activity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the economists predicted the estimates of GDP growth to be 6.6%, it has surpassed that number even when compared to the previous quarter results. 8.4% is not a small deal to not look at and the honorable <a href=\"https:\/\/www.narendramodi.in\/\" target=\"_blank\" rel=\"noopener noreferrer\">Prime Minister Narendra Modi<\/a> tweets about it: \u201c<\/span><i><span style=\"font-weight: 400;\">Robust 8.4 percent GDP growth in Q3 2023\u201324 shows the strength of the Indian economy and its potential.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The contributing sectors stated above grew 11.6% and 9.5%, respectively, to arrive at the massive GDP growth, which is higher in the 6 quarters. The robustly growing number calls for a revision of the estimated growth for the current year&#8217;s expectations. It is projected to be 8.2 percent, up from 7.8 percent for the July\u2013September quarter.\u00a0\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/8-4-surge-in-growth-came-out-as-a-surprise\/#Indias_growth_rally_is_exuberant\" >India&#8217;s growth rally is exuberant<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/8-4-surge-in-growth-came-out-as-a-surprise\/#The_Investment_Performance_Adds_to_This\" >The Investment Performance Adds to This!\u00a0\u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/8-4-surge-in-growth-came-out-as-a-surprise\/#RBIs_status_quo_No_changes_in_current_policy\" >RBI\u2019s status quo: No changes in current policy\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/8-4-surge-in-growth-came-out-as-a-surprise\/#Speaking_of_How_the_Bond_Market_Responded\" >Speaking of How the Bond Market Responded\u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/8-4-surge-in-growth-came-out-as-a-surprise\/#Bond_market_will_now_look_more_attractive_to_the_private_sector\" >Bond market will now look more attractive to the private sector<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/8-4-surge-in-growth-came-out-as-a-surprise\/#The_Wrap\" >The Wrap\u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/8-4-surge-in-growth-came-out-as-a-surprise\/#What_are_Corporate_Bonds\" >What are Corporate Bonds?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Indias_growth_rally_is_exuberant\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/indias-growth-rally-is-exuberant\/?utm_source=blog&amp;utm_medium=blog&amp;utm_Growth\" target=\"_blank\" rel=\"noopener noreferrer\"><b>India&#8217;s growth rally is exuberant<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h2><span class=\"ez-toc-section\" id=\"The_Investment_Performance_Adds_to_This\"><\/span><strong>The Investment Performance Adds to This!\u00a0\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">That said, the strong point seen for growth has come from the investment performance. This indication is from the Gross Fixed Capital Formation.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is the economic indicator that measures the total physical asset value that is yielded within the country over a specific time with a deduction of depreciation from it. In other words, there is an increase in net physical capital from the investment in those assets that gave such production to the economy. So it gives you an outlook on the investment activity in the economy.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the fourth quarter of the fiscal year (23\u201324), this has grown by 10.5% when compared to the previous result of 11.6%. It technically matches the previous result, which shows the status of the economy\u2019s investment mode, which is a contribution of a third of India\u2019s GDP.\u00a0\u00a0<\/span><\/p>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"RBIs_status_quo_No_changes_in_current_policy\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/rbis-status-quo-no-changes-in-current-policy\/?utm_source=blog&amp;utm_medium=blog&amp;utm_Growth\" target=\"_blank\" rel=\"noopener noreferrer\"><b>RBI\u2019s status quo: No changes in current policy<\/b><\/a><b>\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h2><span class=\"ez-toc-section\" id=\"Speaking_of_How_the_Bond_Market_Responded\"><\/span><strong>Speaking of How the Bond Market Responded\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A good growth means expecting something good that the market must do, but how did the Indian bond market react? It wasn&#8217;t extreme but showed limited reaction to it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its response has just been much more significant but muted to both US data and domestic economic data. So this left the benchmark 10-year bond yield at 7.068%, which was previously at 7.0764%.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, quite beyond that, the bond market yield will also depend on other factors, such as central bank policies and global economic conditions. In the US, the PCE price index rose to 0.3% compared to a 0.1% rise in the previous quarter, which was modest and didn&#8217;t modify the rate cut expectation of the FED. Nearly no changes can be seen in the central bank&#8217;s strategy just yet.\u00a0<\/span><\/p>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Bond_market_will_now_look_more_attractive_to_the_private_sector\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/bond-market-will-now-look-more-attractive-to-the-private-sector\/?utm_source=blog&amp;utm_medium=blog&amp;utm_Growth\" target=\"_blank\" rel=\"noopener noreferrer\"><b>Bond market will now look more attractive to the private sector<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-8481 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/03\/08081849\/8-4-surge-in-growth-came-out-as-a-surprise-1.gif\" alt=\"8-4-surge-in-growth-came-out-as-a-surprise (1)\" width=\"420\" height=\"237\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Wrap\"><\/span><strong>The Wrap\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Recently, when the <a href=\"https:\/\/www.rbi.org.in\/\" target=\"_blank\" rel=\"noopener noreferrer\">RBI<\/a> <a href=\"https:\/\/goldenpi.com\/blog\/market-view\/impact-of-hike-in-repo-rate-on-the-indian-economy\/\" target=\"_blank\" rel=\"noopener noreferrer\">repo rate<\/a> remained unchanged at 6.5%, the main focus on bringing inflation to 4% has been the latest discussion so far. The government, to reduce the fiscal deficit, is also aiming to borrow less in the fiscal year 2024\u201325, which gives the Indian <a href=\"https:\/\/goldenpi.com\/corporate-bonds\" target=\"_blank\" rel=\"noopener noreferrer\">corporate bond<\/a> market an edge this time. The foreign inflow of money due to the inclusion of Indian <a href=\"https:\/\/goldenpi.com\/corporate-bonds\" target=\"_blank\" rel=\"noopener noreferrer\">sovereign bonds<\/a> in the JP Morgan index will grow significantly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All the news is signaling a positive indication and there is nothing negative at the moment in the Indian market.\u00a0 The bond market participants might react to the GDP growth quite late. We might need to wait for any action or decision from the central bank on this.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although the GDP has grown quite significantly, in the coming quarters it is set to ease, but at the moment, Indian bond market reactions await, unlike the equity market, which broke record highs for this news<\/span><span style=\"font-weight: 400;\">.\u00a0\u00a0<\/span><\/p>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"What_are_Corporate_Bonds\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-are-corporate-bonds-how-to-invest\/?utm_source=blog&amp;utm_medium=blog&amp;utm_Growth\" target=\"_blank\" rel=\"noopener noreferrer\"><b>What are Corporate Bonds?<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s growth talks are no longer a hypothetical digit but rather a reality in itself. The 8.4% came out as a surprising&hellip;<\/p>\n","protected":false},"author":4,"featured_media":12156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[24,22],"tags":[213],"class_list":["post-7217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-market","category-essentials","tag-surge"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>8.4% Surge in Growth Came Out as a Surprise<\/title>\n<meta name=\"description\" content=\"Discover the unexpected surge of 8.4% growth that caught everyone by surprise. 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