Growth in real Gross Domestic Product (GDP) during 2023-24 was estimated at 7.3 per cent as compared to 7.2 per cent in 2022-23, the National Statistical Office (NSO) said on Friday in its first advance estimates of national accounts. 

“Nominal GDP or GDP at Current Prices in the year 2023-24 is estimated at Rs 296.58 lakh crore as against the provisional estimate of GDP for the year 2022-23 of Rs 272.41 lakh crore, released on May 31, 2023. The growth in nominal GDP during 2023-24 is estimated at 8.9 per cent as compared to 16.1 per cent in 2022-23,” said the NSO. 

An increased estimate of annual GDP was widely expected after the Reserve Bank of India (RBI) had revised its own growth forecast last month to 7 per cent for the current financial year from an earlier estimate of 6.5 per cent. 

The central bank’s revised growth forecast of 7 per cent for 2023-24 was a “conservative estimate”, considering robust growth reflected in high-frequency indicators data for October and November, RBI Deputy Governor Michael Patra had said last month. 

The Indian economy grew faster than expected at 7.6 per cent year-on-year in the September quarter after growing at 7.8 per cent in the previous quarter, prompting many private economists to upwardly revise their yearly estimates.