New Delhi: India’s Gross Domestic Product (GDP) is estimated to grow 7.3 per cent in 2023-24. The first advance estimates of national income released by the National Statistical Office (NSO) revealed this. This is higher than the Reserve Bank of India’s estimate of 7 per cent.
NSO data noted that higher investment coupled with government expenditure along with a pickup in sectoral outputs of mining, manufacturing, construction and financial services, are seen supporting the higher GDP growth.
‘The First Advance Estimates of FY24 show no let up in growth momentum in the economy. Resilience and strength of the economy, underpinned by reforms of the last nine years, have laid the foundations for the economy to sustain a healthy growth rate in the coming years,’ said finance ministry.
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Most economists have assumed India’s gross domestic product (GDP) to grow between 6.5 per cent and 6.7 per cent during the ongoing financial year. In FY23, GDP expanded 7.2 per cent.
The NSO has pegged nominal GDP growth at 8.9 per cent in FY24, much lower than the 10.5 per cent assumed in the Budget. Growth in private consumption is expected to slow down in 2023-2024 to 4.4 per cent, while government spending is projected to pick up pace, growing at 4.1 per cent.
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