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India’s GDP growth rate surge to 7.8% in Q4

New Delhi: India’s gross domestic product (GDP) grew 7.8 per cent year-on-year during the January-March 2024 quarter (Q4 FY24). It was at  6.2 per cent a year ago. For the full financial year 2023-24, India’s GDP growth rate stood at 8.2 per cent as against 7 per cent in FY23.

For Q4 FY24, analysts had expected a slower GDP growth of 5.9 per cent-6.7 per cent for Q4 FY24. For the full 2023-24 fiscal, analysts had expected GDP to grow at 7.8 per cent. ‘Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7.0% in FY 2022-23,’ according to the statement.

Real GDP or GDP at constant prices in Q4 of 2023-24 is estimated at Rs 47.24 lakh crore, against Rs 43.84 lakh crore in Q4 of 2022-23, showing a growth rate of 7.8 per cent.

According to the latest data released by the National Statistical Office (NSO), India’s gross value added or GVA also grew 6.3 per cent year-on-year during January-March 2024. During full FY24, GVA grew 7.2 per cent vs 6.7 per cent a year ago. GVA is GDP minus net product taxes.

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India’s economy had grown 8.4 per cent in the preceding October-December 2023 quarter (Q3 FY24). In the previous quarters, the Indian economy had grown 8.2 per cent in the June 2023 quarter (Q1 FY24), and 8.1 per cent in the following September quarter (Q2 FY24).

According to the latest official data, growth in the manufacturing sector jumped to 8.9 per cent in the fourth quarter of 2023-24 as compared with just 0.9 per cent in the year-ago period.

India’s agriculture sector, however, declined to 0.6 per cent growth in Q4 FY24, which is lower than the 7.6 per cent recorded in the October-December quarter of 2022-23.

India’s services sector, however, slowed to 5.1 per cent during January-March 2024, compared with 7 per cent a year ago.

Gross fixed capital formation (GFCF), which is an indicator of investment activity in the country, grew 6.46 per cent to Rs 15.7 lakh crore during the March 2024 quarter. GFCF accounts for 33.2 per cent of the GDP.

Private final consumption expenditure (PFCE) grew 3.98 per cent year-on-year to Rs 24.97 lakh crore in Q4 FY24. Government final consumption expenditure (GFCE) rose 0.89 per cent YoY to Rs 5.12 lakh crore.

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