GDP growth for 2023-24 comes in at 8.2%
Growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter
India’s economy grew 7.8% in the March quarter, pushing up the annual growth rate to 8.2 per cent, according to official data released on Friday.
Growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter.
The gross domestic product (GDP) had expanded 6.2 per cent in the January-March period of the 2022-23 fiscal year, according to data released by the National Statistical Office (NSO).
As per the data, the economy expanded 8.2 per cent in 2023-24 against a 7 per cent growth in 2022-23.
Finance Minister Nirmala Sitharaman on Friday termed 8.2 per cent GDP growth in 2023-24 as ‘remarkable’ and said the growth momentum will continue in the “third term of the Modi Government”.
Today’s GDP data showcases robust economic growth with a growth rate of 8.2 per cent for FY 2023-24 and 7.8 per cent for the fourth or March quarter of FY 2023-24, she said.
The NSO in its second advance estimate of national accounts had pegged the country’s growth at 7.7 per cent for 2023-24.
China has registered an economic growth of 5.3 per cent in the first three months of 2024.
Commenting on the numbers, the 16th Finance Commission chairman Arvind Panagariya said GDP growth at 8.2 per cent for 2023-24 is a “great news for India”.
“As predicted, the GDP growth rate for 2023-24 crossed the 8% mark and lands at a comfortable 8.2%. Great news for India!!,” Panagariya said in a post on X.
Nominal GDP or GDP at current prices is estimated to attain a level of Rs 295.36 lakh crore in 2023-24, against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.6 per cent, it added.
The real GDP in the March quarter of 2023-24 is estimated at Rs 47.24 lakh crore, against Rs 43.84 lakh crore a year earlier, showing a growth rate of 7.8 per cent.
Nominal GDP, or GDP at current prices in the March quarter of 2023-24, is estimated at Rs 78.28 lakh crore, against Rs 71.23 lakh crore in the year-ago period, showing a growth rate of 9.9 per cent.
The real GVA (gross value added) is estimated at Rs 158.74 lakh crore in 2023-24, against the FRE for 2022-23 of Rs 148.05 lakh crore, registering a growth rate of 7.2 per cent as compared to 6.7 pe cent in 2022-23.
The GVA growth in the manufacturing sector accelerated to 8.9 per cent in the March quarter against 0.9 per cent a year ago.
GVA growth in mining was 4.3 per cent in the fourth quarter compared to 2.9 per cent in the same quarter of the previous fiscal. -PTI