- India’s real Gross Domestic Product (GDP) for FY24 is estimated to have grown by a faster-than-projected 8.2%, quickening from FY23’s 7% pace, the National Statistical Office’s (NSO) provisional estimates.
- The NSO had in its first advance estimates projected real GDP growth for FY24 at 7.3%.
- Nominal GDP has witnessed a growth rate of 9.6% in FY24 over the growth rate of 14.2% in FY23, the NSO said.
- Real Gross Value Added (GVA) had likely expanded by 7.2% in FY24, faster than FY23’s 6.7%.
- This GVA growth has been mainly due to significant growth of 9.9% in the manufacturing sector in FY24 over a 2.2% contraction in FY23, and mining and quarrying’s growth of 7.1% in FY24 over 1.9% in FY23, the NSO explained.
- Real GVA and GDP growth in Q4 were estimated at 6.3% and 7.8%, respectively.
- The divergence in GDP and GVA growth in Q3 has continued, with net taxes growing by 22% in Q4.
- In the manufacturing sector GVA has recorded healthy growth supported by lower input cost, while robustness seen in the services sector has continued.
- On the expenditure side of GDP, the growth has been mainly led by the government’s strong capex.
Dig Deeper: What is the difference between GVA and GDP?
