Growth of 7.8% in Q4; GDP for FY 24 stays strong at 8.2%

New Delhi: The Indian economy has grew with robust GDP growth of 7.8 per cent in the January-March quarter while for the full financial year 2023-24, the growth rate works out to a stellar 8.2 percent. The figures have grown up from 7 percent in comparison to the Financial Year 2022-23. Statistics

The high growth rate has been driven by a strong performance of the manufacturing and mining sectors, according to figures released by the Ministry of Statistics on Friday.

Key Highlights as per Statistics issued:

1. Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7.0% in FY 2022-23. Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the
   growth rate of 14.2% in FY 2022-23.

2) Real GVA has grown by 7.2% in 2023-24 over 6.7% in 2022-23. This GVA growth has been mainly due to significant growth of 9.9% in Manufacturing sector in 2023-24 over -2.2% in 2022- 23 and growth of 7.1% in 2023-24 over 1.9% in 2022-23 for Mining & Quarrying sector.

3) Real GVA and Real GDP have been estimated to grow by 6.3% and 7.8% respectively in Q4 of FY 2023-24. Growth rates in Nominal GVA and Nominal GDP for Q4 of FY 2023-24 have been estimated at 8.0% and 9.9% respectively

The ongoing growth momentum indicates the resilience of the Indian economy based on a strong domestic market that has helped to protect the country from the global slowdown. India is ranked as the fastest-growing economy in the world, with China struggling to recover after the pandemic and the European countries narrowly escaping a recession.