India’s gross domestic product (GDP) surpassed all expectations and stood at 7.8 per cent in the January-March quarter. The full-year 2023-24 GDP has been revised upwards to 8.2 per cent from the second advance estimate of 7.6 per cent, according to data released on Friday by the Ministry of Statistics and Programme Implementation.
This surge marks an improvement from the 7.0 per cent growth recorded in the preceding fiscal year, showcasing the resilience and strength of the Indian economy amidst evolving global dynamics.
According to the press release, sector-wise analysis further illuminates the economic landscape, with real gross value added (GVA) experiencing a growth rate of 7.2 per cent in 2023-24, compared to the 6.7 per cent growth observed in 2022-23.
The manufacturing sector has emerged as a key driver of this growth, witnessing a surge of 9.9 per cent in 2023-24, a stark contrast to -2.2 per cent growth registered in the previous year.
In addition to the annual estimates, the release also provided Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24, offering insights into the economy’s performance in the final quarter of the fiscal year.
In Q4, both Real GVA and Real GDP showcased robust growth, with rates reaching 6.3 per cent and 7.8 per cent, respectively. These figures underscore the economy’s resilience and steady momentum amidst global uncertainties and challenges.
The provisional data reveals that real GDP soared to Rs 173.82 lakh crore in 2023-24, compared to Rs 160.71 lakh crore in the previous fiscal year.
This translates to a growth rate of 8.2 per cent, showcasing the economy’s buoyancy. Similarly, real GVA has climbed to Rs 158.74 lakh crore, marking a notable 7.2 per cent growth from the previous year.
In Q4 of 2023-24, real GDP surged to Rs 47.24 lakh crore, indicating a robust growth rate of 7.8 per cent. Concurrently, real GVA reached Rs 42.23 lakh crore, with a growth rate of 6.3 per cent. These figures depict the economy’s steady momentum, underscoring the resilience across sectors.
The estimates rely on a meticulous methodology, employing benchmark-indicator methods and leveraging a plethora of data sources.
Key indicators such as the Index of Industrial Production (IIP), financial performance of listed companies, and advance estimates of crop production play pivotal roles in the estimation process.
Additionally, inputs from various sectors including agriculture, manufacturing, and services are meticulously analyzed to provide accurate insights into the economic landscape.
The next release of quarterly GDP estimates for the April-June period of 2024-25 (Q1 2024-25) is scheduled for August 30.
