New Delhi, Jan 5 (Mayank Nigam) India’s gross domestic product (GDP) is expected to grow by a robust 7.3% year-on-year in the current financial year 2023-24 as against 7.2% during the last financial year, according to the First Advance Estimate released by National Statistical Office (NSO) on Friday. “Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 171.79 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of Rs 160.06 lakh crore, released on 31st May, 2023.
The growth in real GDP during 2023-24 is estimated at 7.3 per cent as compared to 7.2 per cent in 2022-23,” an official release said. In nominal terms, the Indian economy is seen growing at 8.9% in FY24 as compared to 16.1% in FY23. Construction sector has been estimated to have double-digit growth of 10.7% in the current financial year. “All the economic sectors have fared well by witnessing more than 6%, except for agriculture and allied sector, for which the estimated growth is 1.8%,” the official release said. Commenting on the GDP estimate, ICRA Chief Economist Aditi Nayar said that the Advance Estimates has pegged GDP growth at much higher than her estimate of 6.5%. “Implicitly, the NSO expects the GDP growth to moderate to 7.0% in H2 FY2024 from 7.7% in H1 FY2024. Surprisingly, the estimated GVA growth of 6.9% for FY2024 implies that growth in this metric has been assumed at 6.2% in H2, significantly lower than the imputed GDP number for this period.” India Ratings & Research in its comment said that despite global headwinds, the growth momentum witnessed in FY24 is indicative of Indian economy’s resilience.