The Indian economy will grow by a robust 7.3% in the Financial Year 2023-24 over and above the provisional growth rate of 7.2% during the last financial year, as per the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation.
NSO in its report based on First Advance Estimates (FAE) of National Income for the financial year 2023-24, said that the construction sector has been estimated to have double-digit growth of 10.7%. It highlighted that all the economic sectors have fared well by witnessing more than six per cent, except for the Agriculture and Allied sectors, for which the estimated growth is 1.8%.
NSO said that the Advance Estimates of National Income are indicator-based and are compiled using the benchmark-indicator method. It said the estimates available for the previous year (2022-23) are extrapolated using the relevant indicators reflecting the performance of sectors. NSO said that this report has been prepared based on data inputs collected from various Ministries, Departments, and Private Agencies.
It is also crucial to note that recently, Union Minister Piyush Goyal at the inauguration of the ‘Aatmanirbhar Bharat Utsav 2024’ said that the he Indian economy is poised to reach the $5 trillion mark within the next few years and will have the third-largest GDP in the world by 2027.
Meanwhile, according to the latest data by Reserve Bank of India, India’s foreign exchange reserves rose for the seventh straight week to reach 22-month high of 623.20 billion dollars for the week ending on December 29.
Foreign currency assets (FCAs) witnessed a rise of 1.87 billion dollars, reaching a total of 551.62 billion dollars. Gold reserves were up by 853 million dollars to 48.328 billion dollars during the week. The Special Drawing Rights (SDRs) were up by 38 million dollars to 18.365 billion dollars.