India’s Gross Domestic Product (GDP) surpasses estimates, grow at 8.2% in FY24 and 7.8% in Q4 and surprise Economist.
It surpassed all expectations and stood at 7.8% in the January-March quarter. According to data released by the Ministry of Statistic and Programme Implementation reveals that , the full-year 2023-24 GDP has been revised upwards to 8.2% from the previous quarter data combined. The previous quarter growth was 7.6%.
Preceding fiscal year growth was 7.0% and present it crosses to 8.2% that shows that Indian economy is stable and resilience among global evolving dynamics.
Sector-wise analysis further describes the economic landscape, with the real gross value added experiencing a growth rate of 7.2% in 2023-24, compared to the 6.7% growth obtained in 2022-23 according to the press release.
The manufacturing sector has gain attention and witnessing a surge og 9.9% in 2023-24, in the previous year it was recorded as -2.2% growth, but this year it surpasses estimate growth.
It also releases Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24. In Q4, both real GDP and real GVA showcased enhancement growth, with rates reaching 7.8% and 6.3%, respectively. This shows India’s Economy strength amid global disturbance and uncertainties.
The provisional data reveals that real GDP soared to Rs 173.82 lakh crore in 2023-24, compared to Rs 160.71 lakh crore in the previous fiscal year.
In Q4 of 2023-24, real GDP reached to Rs 47.24 lakh crore, indicating a robust growth rate of 7.8% and real GVA surged to Rs 42.23 lakh crore, with a growth rate of 6.3%. The next release of quarterly GDP estimate for the April-June period of 2024-25 (Q1) is scheduled for August 30. All Economist will be “keep close watch” on upcoming data for Indian Economy.