The Gross Domestic Product (GDP) growth rate in the quarter ending March 31 of the Financial Year 2024 grew by 7.8%.
The growth rate surpasses the Reserve Bank of India’s (RBI) estimate of 7%.
Further, the data released by the National Statistical Office (NSO) of Ministry of Statistics and Programme Implementation (MoSPI) on Friday said the GDP growth provisionally stands at 8.2% for the Financial Year 2023-24, as compared to the growth rate of 7% in FY23.
Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7% in FY 2022-23 while the nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY 2022-23.
For the entire financial year 2023-24, GVA has grown by 7.2%, compared to the growth rate of 6.7% in FY23.
Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry on the GDP numbers said, “India’s growth at 8.2% in FY 2023-24 is a reflection of the efforts for Viksit Bharat by 2047; the growth momentum is expected to continue and strengthen in the coming times.”
“The overall real GDP growth at 8.2% in 2023-24 is highest among the leading advanced, emerging economies,” he added.
“India’s economy is becoming more and more robust as growth is strengthening quarter after quarter; the Q4 growth at 7.8% indicates a strong growth trajectory to continue in the coming quarters too,” said Sanjeev Agrawal.
Real and Nominal GVA
The data from the ministry said the growth rates in Nominal GVA and Nominal GDP for Q4 of FY 2023-24 have been estimated at 8.0% and 9.9% respectively.
Real GVA and Real GDP have been estimated to grow by 6.3% and 7.8% respectively in Q4 of FY 2023-24.
Real GVA is estimated at Rs 158.74 lakh crore in the year 2023-24, against the FRE for the year 2022-23 of Rs 148.05 lakh crore, registering a growth rate of 7.2% as compared to 6.7% in 2022-23.
Nominal GVA is estimated to attain a level of Rs 267.62 lakh crore during FY 2023-24, against Rs 246.59 lakh crore in 2022-23, showing a growth rate of 8.5%.
RBI on the GDP
At the Monetary Policy Committee (MPC) in April, the RBI kept its prediction for GDP growth in FY25 unchanged at 7%.
In the quarter-wise analysis, RBI set a GDP growth target at 7.1%, compared to 7.2% earlier, for Q1FY25.
For Q2FY25, GDP growth target was fixed at 6.9%, from 6.8%. For Q3 and Q4, RBI forecasts 7% GDP growth in both Q3 and 6.9% in Q4.
