GDP
Govt projects FY24 GDP growth at 7.3%
New Delhi: India's gross domestic product (GDP) is projected to grow by 7.3 percent in 2023-24, surpassing the 7.2 percent recorded in the previous fiscal year, the Ministry of Statistics and Programme Implementation said Friday.
This initial growth estimate from the statistics ministry exceeds the recently revised forecast of 7.0 percent by the Reserve Bank of India (RBI).
Despite the Finance Ministry's anticipation of GDP growth comfortably exceeding its 6.5 percent projection, fresh numerical forecast has been provided, particularly after the remarkable 7.6 percent growth observed in July- September 2023.
The government's initial advance estimate for the current fiscal year's GDP comes ahead of the presentation of the interim Budget for 2024-25 on February 1.
The Finance Ministry will rely on this first advance estimate while formulating its budgetary figures.
Although the Finance Ministry had initially assumed a nominal GDP growth of 10.5 percent for 2023-24, the statistics ministry's first advance estimate suggests a potential growth of only 8.9 percent in nominal terms.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
