New Delhi. The growth rate of the country’s economy was the lowest in the last four quarters at 7.8 percent during January-March. Despite this, the annual growth rate reached 8.2 percent in the financial year 2023-24 due to the good performance of the manufacturing sector. The National Statistical Office (NSO) released these figures related to the country’s economy on Friday. The country’s economy grew at the rate of seven percent in the financial year 2022-23. The NSO said, the growth rate of real GDP is estimated to be 8.2 percent during the financial year 2023-24, while it was seven percent in 2022-23. On the strength of this boom, the Indian economy reached $ 3.5 trillion at the end of March 2024 and the stage has been set for it to reach five trillion dollars in the next few years.
According to the data, the GDP growth rate was 7.8 percent in January-March 2024, while it was 8.6 percent in October-December 2023. At the same time, it was 8.1 percent in July-September 2023 and 8.2 percent in the quarter of April-June, 2023. At the same time, the GDP growth rate was 6.2 percent in the January-March quarter of the financial year 2022-23. With this pace, India has overtaken China. China’s economy grew at a rate of 5.3 percent during January-March this year. In its second advance estimate released in February, the NSO had projected GDP growth to be 7.7 percent for 2023-24. According to NSO data, real GDP i.e. gross domestic product at constant prices is estimated to reach Rs 173.82 lakh crore in 2023-24. The first revised estimate (FRE) of GDP for FY 2022-23 is Rs 160.71 lakh crore.
According to the NSO, GDP at current prices is estimated to reach Rs 295.36 lakh crore in the financial year 2023-24, while it was Rs 269.50 lakh crore in the year 2022-23. This shows a growth rate of 9.6 percent. The country’s real GDP is estimated to be Rs 47.24 lakh crore in the last March quarter, while it was Rs 43.84 lakh crore in the same period a year ago. This shows an increase of 7.8 percent. At the same time, the country’s GDP at current prices is estimated to grow by 9.9 percent to Rs 78.28 lakh crore in the March quarter, while it was Rs 71.23 lakh crore a year ago. Real GVA (gross value added) in FY 2023-24 ending March 2024 is estimated at Rs 158.74 lakh crore, which is 7.2 per cent higher than the first revised estimate of Rs 148.05 lakh crore for 2022-23.
GVA growth in the manufacturing sector rose to 8.9 per cent in the March quarter as against 0.9 per cent a year ago. GVA growth of the mining sector in the fourth quarter was 4.3 per cent as against 2.9 per cent in the same quarter a year ago. The construction sector grew by 8.7 per cent during the quarter as against 7.4 per cent in the same period of 2022-23. During this period, the growth rate of the agriculture sector declined to 0.6 per cent from 7.6 per cent a year ago. Electricity, gas, water supply and other public-centric services sectors grew by 7.7 per cent during the fourth quarter as against 7.3 per cent in the same period a year ago. GVA growth in the services sector – trade, hotels, transport, communication and broadcasting-related services – stood at 5.1 per cent in the fourth quarter as against 7 per cent in the same quarter a year ago. Financial, real estate and professional services grew by 7.6 per cent in the March quarter as against 9.2 per cent in the same quarter a year ago. Public administration, defence and other services grew at 7.8 per cent during the last quarter as against 4.7 per cent in the same quarter a year ago.
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