India's gross domestic product (GDP) beat all expectations in the January-March quarter to reach 7.8 per cent. For the full year 2023-24, the GDP has been revised upwards from the second advance estimate of 7.6 per cent to 8.2 per cent, according to data released by the Ministry of Statistics and Program Implementation on Friday.
This growth rate is better than the growth rate of 7.0 percent recorded in the previous financial year, reflecting the resilience and strength of the Indian economy amidst changing global dynamics.
According to the press release, the sector-wise analysis further clarifies the economic scenario, with real gross value added (GVA) experiencing a growth rate of 7.2 per cent in 2023-24, as against 6.7 per cent growth witnessed in 2022-23.
The manufacturing sector has emerged as the key driver of this growth, growing at a rate of 9.9 percent in 2023-24, compared to -2.2 percent growth recorded last year.
Apart from the annual estimates, the release also provides quarterly estimates of GDP for the fourth quarter of 2023-24 (January-March), which provide information about the performance of the economy in the last quarter of the financial year.
Both real GVA and real GDP showed robust growth in the fourth quarter, reaching 6.3 per cent and 7.8 per cent, respectively. These figures underline the resilience and steady momentum of the economy amid global uncertainties and challenges.
Provisional data show that real GDP will grow to Rs 173.82 lakh crore in 2023-24, from Rs 160.71 lakh crore in the previous fiscal.
This means that the economy has grown by 8.2 per cent due to the boom. Similarly, real GVA has grown to Rs 158.74 lakh crore, showing a significant increase of 7.2 per cent compared to last year.
Real GDP grew to Rs 47.24 lakh crore in the fourth quarter of 2023-24, reflecting a robust growth rate of 7.8 per cent. At the same time, real GVA reached Rs 42.23 lakh crore with a growth rate of 6.3 per cent. These figures reflect the stable momentum of the economy, underlining the resilience in various sectors.
These estimates are based on a carefully tailored methodology, using benchmark-indicator methods and taking advantage of a variety of data sources.
Key indicators such as Index of Industrial Production (IIP), financial performance of listed companies and advance estimates of crop production play a vital role in the estimation process.
Additionally, inputs from various sectors including agriculture, manufacturing and services are carefully analyzed to provide accurate information on the economic scenario.
The next release of quarterly GDP estimates for the April-June period of 2024-25 (Q1 2024-25) is scheduled for August 30.
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