India’s Gross Domestic Product (GDP) for the fourth quarter (January-March) of fiscal year 2023-24 grew at 7.8 per cent, data released by the Ministry of Statistics and Programme Implementation stated on Friday.
For the full financial year (FY) 2023-24, the real GDP growth provisionally stands at 8.2 per cent.
The gross domestic product (GDP) number is a key indicator of economic health of the country.
“Real GDP has been estimated to grow by 8.2 per cent in FY 2023-24 as compared to the growth rate of 7.0 per cent in FY 2022-23,” the data mentioned.
“Real GVA has grown by 7.2 per cent in 2023-24 over 6.7 per cent in 2022-23,” the data from the ministry said.
This GVA (Gross Value Added) growth has been mainly due to significant growth of 9.9 per cent in Manufacturing sector in 2023-24 over -2.2 per cent in 2022-23 and growth of 7.1 per cent in 2023-24 over 1.9 per cent in 2022-23 for Mining and Quarrying sector, the data showed.
The announcement of India’s fourth quarter of fiscal year 2023-24 has been released ahead of the much-awaited 2024 Lok Sabha election results.
In the third quarter (October-December) 2024, the Indian economy grew at 8.4 per cent.
RBI GDP predictions
The Reserve Bank of India, or RBI, has projected that the Indian economy will grow at 7 per cent in the current financial year, maintaining its position as the fastest-growing major economy globally.
In its monetary policy meeting in April, the RBI forecasted 6.9 per cent growth in real GDP for Q4FY24.
Where does India stand?
India is the world’s fastest growing major economy. It is currently said to be the world’s fifth largest economy.
According to International Monetary Fund (IMF), by 2025, India is expected to become the fourth largest economy with a GDP of $4,339.83 billion.
IMF predicts that by 2027, India will surpass Germany to become the third largest economy after the US and China, with a GDP of $5,287.04 billion.
By 2029, India’s GDP is anticipated to be around $6,436.653 billion.
Core sector growth
India’s core sector grew to 6.2 per cent in April, up from 6.0 per cent in March
The eight core sectors include coal, oil, natural gas, power, refinery products, steel, cement, and fertilisers.
Coal production grew 7.5 per cent, electricity generation rose 9.4 per cent, steel production grew 7.1 per cent, natural gas output rose 8.6 per cent.
Cement production rose 0.6 per cent in April, crude oil output increased 1.6 per cent and refinery products rose 3.9 per cent.
However, fertiliser production saw a fall of 0.8 per cent in April, compared with a fall of 1.3 per cent in March.
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