India’s gross domestic product (GDP) outperformed expectations, achieving a 7.8% growth rate in the January-March quarter. For the full fiscal year 2023-24, GDP growth was revised upwards to 8.2% from the earlier estimate of 7.6 percent, as reported by the Ministry of Statistics and Programme Implementation on Friday.
This surge marks an improvement from the 7.0% growth recorded in the preceding fiscal year, showcasing the resilience and strength of the Indian economy amidst evolving global dynamics.
According to the press release, sector-wise analysis further illuminates the economic landscape, with real gross value added (GVA) experiencing a growth rate of 7.2% in 2023-24, compared to the 6.7% growth observed in 2022-23.
The manufacturing sector has emerged as a key driver of this growth, witnessing a surge of 9.9% in 2023-24, a stark contrast to -2.2% growth registered in the previous year.
In addition to the annual estimates, the release also provided Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24, offering insights into the economy’s performance in the final quarter of the fiscal year.
In Q4, both Real GVA and Real GDP demonstrated strong growth, with rates of 6.3% and 7.8%, respectively. These figures highlight the economy’s resilience and consistent momentum despite global uncertainties and challenges.
Provisional data indicates that real GDP surged to Rs 173.82 lakh crore in 2023-24, up from Rs 160.71 lakh crore in the prior fiscal year.
This represents an 8.2% growth rate, illustrating the economy’s buoyancy. Likewise, real GVA increased to Rs 158.74 lakh crore, reflecting a significant 7.2% growth from the previous year.
In Q4 of 2023-24, real GDP surged to Rs 47.24 lakh crore, indicating a robust growth rate of 7.8%. Concurrently, real GVA reached Rs 42.23 lakh crore, with a growth rate of 6.3% . These figures depict the economy’s steady momentum, underscoring the resilience across sectors.
The estimates rely on a meticulous methodology, employing benchmark-indicator methods and leveraging a plethora of data sources.
Key indicators such as the Index of Industrial Production (IIP), financial performance of listed companies, and advance estimates of crop production play pivotal roles in the estimation process.
Additionally, inputs from various sectors including agriculture, manufacturing, and services are meticulously analyzed to provide accurate insights into the economic landscape.
The next release of quarterly GDP estimates for the April-June period of 2024-25 (Q1 2024-25) is scheduled for August 30.
(inputs from ani)