India's GDP grows 7.8% in Q4FY24, 8.2% in FY24

01 Jun 2024 Evaluate

The National Statistical Office (NSO) under Ministry of Statistics & Programme Implementation in its latest data has showed that India’s economy growth slowed to a four-quarter low of 7.8 per cent in the January-March period of fiscal year 2023-24 (Q4FY24), but pushed the annual growth rate for FY24 to 8.2 per cent, mainly on account of good showing by manufacturing. In the previous 2022-23 fiscal year, the economy grew 7 per cent. The economic growth was 8.6 per cent in October-December 2023 and 8.1 per cent in July-September 2023, and 8.2 per cent in April-June 2023. The GDP grew 6.2 per cent in the January-March quarter of 2022-23.

According to the NSO data, real GDP, or GDP at constant prices, is estimated to attain a level of Rs 173.82 lakh crore in 2023-24, against the first revised estimates (FRE) of GDP for 2022-23 of Rs 160.71 lakh crore. The growth rate in real GDP during 2023-24 is estimated at 8.2 per cent as compared to 7.0 per cent in 2022-23. 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.

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 per 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. Construction grew 8.7 per cent in the quarter, up from 7.4 per cent in the corresponding period of 2022-23. The agriculture sector growth decelerated to 0.6 per cent from 7.6 per cent.

The electricity, gas, water supply, and other utility services segment grew 7.7 per cent during the fourth quarter from 7.3 per cent in the year-ago period. GVA growth in the services sector - trade, hotel, transport, communication and services related to broadcasting - was 5.1 per cent in the fourth quarter against a growth of 7 per cent a year ago. Financial, real estate and professional services grew 7.6 per cent in the March 2023 quarter compared to 9.2 per cent in the year-ago period. Public administration, defence and other services posted 7.8 per cent growth in the quarter against 4.7 per cent expansion in the same quarter a year ago.

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