Indian authorities expect the country's GDP to grow at 7.3% in the 2023-2024 fiscal year, helped by government spending and manufacturing growth, the National Statistics Office said.
"India's GDP Growth May Reach 7.3% in 2023-2024 FY: National Statistics Office "Real GDP in the year 2023-24 is estimated to attain a level of ₹171.79 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of ₹160.06 lakh crore, released on 31st May, 2023. The growth in real GDP during 2023-24 is estimated at 7.3%," the National Statistical Office (NSO) said in a statement.
Manufacturing, which accounts for about 17% of India's GDP, will grow 6.5% in 2023-2024 from 1.3% a year earlier, while construction will grow 10.7% from 10% in the previous fiscal year, the NSO said.
Growth in agriculture, contributing around 15% of India's GDP, slowed to 1.8% in the current FY from 4% in the previous period, the NSO also stated.
"Nominal GDP in the year 2023-24 is estimated at ₹296.58 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of ₹272.41 lakh crore, released on 31st May, 2023. The nominal GDP growth in 2023-24 is estimated at 8.9% as compared to 16.1% in 2022-23," the NSO said.