MUMBAI: India’s GDP growth breached 8% in 2023-24 as the GDP growth for the year touched 8.2% -- once again beating most estimates. Data released by the Ministry of Statistics and Plan Implementation (MOSPI) also showed the fourth quarter GDP grew at 7.8% against the average estimate of 6.8-7%.
Real GDP or GDP at constant prices is estimated to be Rs 173.82 lakh crore in the year 2023-24, against the first revised estimates of GDP for the year 2022-23 of Rs 160.71 lakh crore. The growth rate in Real GDP during 2023-24 is estimated at 8.2% as compared to 7.0% in 2022-23.
Nominal GDP or GDP at Current Prices is estimated to attain a level of Rs 295.36 lakh crore in the year 2023-24, against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.6%.
In the fourth quarter of FY24, real GDP is estimated at Rs 47.24 lakh crore, against Rs 43.84 lakh crore in the same quarter previous year, showing a growth rate of 7.8%. Nominal GDP in Q4 is estimated at ₹78.28 lakh crore, against Rs 71.23 lakh crore a year-ago, showing a growth rate of 9.9%.
Real GVA has grown by 7.2% in FY24 over 6.7% a year-ago. This GVA growth has been mainly due to significant growth of 9.9% in manufacturing sector in 2023-24 over -2.2% in 2022-23 and growth of 7.1% in 2023-24 over 1.9% in 2022-23 for Mining & Quarrying sector.
Real GVA in the fourth quarter of FY24 has been estimated to grow by 6.3%.