India’s Gross Domestic Product (GDP) surpassed all expectations and stood at 7.8 percent in the January-March quarter. The full-year 2023-24 GDP has been revised upwards to 8.2 percent from the second advance estimate of 7.6 percent, according to data released on May 31 by the Ministry of Statistics and Programme Implementation. This surge marks an improvement from the 7.0 percent growth recorded in the preceding fiscal year, showcasing the resilience and strength of the Indian economy amidst evolving global dynamics. According to the press release, the sector-wise analysis further illuminates the economic landscape, with real gross value added (GVA) experiencing a growth rate of 7.2 percent in 2023-24, compared to the 6.7 percent growth observed in 2022-23. The manufacturing sector has emerged as a key driver of this growth, witnessing a surge of 9.9 percent in 2023-24, a stark contrast to -2.2 percent growth registered in the previous year. In addition to the annual estimates, the release also provided Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24, offering insights into the economy's performance in the final quarter of the fiscal year. In Q4, both Real GVA and Real GDP showcased robust growth, with rates reaching 6.3 percent and 7.8 percent, respectively. These figures underscore the economy's resilience and steady momentum amidst global uncertainties and challenges.
01 June,2024 04:52 PM ISTADVERTISEMENT
