India’s Gross Domestic Product (GDP) growth rate in the quarter ending March 31, 2024, grew by 7.8 percent, the National Statistics Office (NSO) of the Ministry of Statistics and Programme Implementation (MOSPI) said on Friday.
Notably, these figures surpass the Reserve Bank of India’s (RBI) estimate of 7 percent. As per the government data, the GDP growth predominantly stands at 8.2 percent for the Financial Year 2023–24 (FY24), as compared to the growth rate of 7 percent in FY23. Real GDP has been estimated to grow by 8.2 percent in FY 2023–24, as compared to the growth rate of 7 percent in FY 2022–23.
Nominal GDP has seen a growth rate of 9.6 percent in FY 2023–24 over the growth rate of 14.2 percent in FY 2022–23. Earlier, government estimates had placed GDP growth for FY24 at 7.6 percent. The real gross value added (GVA) has been estimated to grow by 6.3 percent in Q4 FY24. “This GVA growth
has been mainly due to significant growth of 9.9 percent in the manufacturing sector in 2023–24 over a contraction of (-)2.2 percent in 2022–23 and growth of 7.1 percent in 2023–24 over 1.9 percent in 2022–23 for the mining sector,” the government said in a press release. For the entire financial year 2023–24, GVA has grown by 7.2 percent, compared to the growth rate of 6.7 percent in FY23.