ECONOMY
Q4 GDP growth slows to 7.8%, but economy in FY24 expands by 8.2%
- IBJ Bureau
- Jun 01, 2024
India’s economic growth slowed to a four-quarter low of 7.8 per cent in the January-March 2024 period. But it pushed the annual growth rate for FY24 to 8.2 per cent, mainly on account of good showing by manufacturing, official data showed on Friday.
The growth propelled the Indian economy to $3.5 trillion and set the stage for achieving the $5-trillion target in the next few years.
In the previous 2022-23 financial year, the economy had grown by 7 per cent.
China has registered economic growth of 5.3 per cent in the first three months of 2024.
The economic expansion was recorded at 7.8 per cent during the January-March 2024, while it was 8.6 per cent in October-December 2023 and 8.1 per cent in July-September 2023. The GDP had grown 6.2 per cent in the January-March quarter of 2022-23.
According to the NSO data, real GDP, or GDP at constant prices, is estimated to attain a level of Rs 173.82 lakh crore in 2023-24 against the first revised estimates of GDP for 2022-23 of Rs 160.71 lakh crore.
“The growth rate in real GDP during 2023-24 is estimated at 8.2 per cent as compared to 7 per cent in 2022-23,” it stated.
Nominal GDP or GDP at current prices is estimated to attain a level of Rs 295.36 lakh crore in 2023-24 against Rs 269.50 lakh crore in 2022-23, showing growth rate of 9.6 per cent, it added.
The real GVA (gross value added) is estimated at Rs 158.74 lakh crore in 2023-24 against the first revised estimate for 2022-23 of Rs 148.05 lakh crore, registering growth rate of 7.2 per cent as compared to 6.7 per cent in 2022-23.
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