India's GDP to increase by 7.3% in 2023–2024

The National Statistical Office projects that India's GDP would expand by 7.3% between 2023 and 2024. Compared to 3.1% and 4.1% in 2022–2023 respectively, the manufacturing and mining sectors are expected to rise by 6.5% and 8.1%, respectively. This fiscal year, growth in the financial services, real estate, and professional services sectors is expected to reach 8.9%. 

“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,” an NSO statement said. 

According to the statement, the growth in real GDP during 2023-24 is estimated at 7.3 per cent compared to 7.2 per cent in 2022-23. 

The NSO estimates are higher than the 7 per cent GDP growth projection of the Reserve Bank of India (RBI) for the current fiscal. 

It also said that nominal GDP or GDP at Current Prices in the year 2023-24 is estimated at Rs 296.58 lakh crore against the provisional estimate of GDP for the year 2022-23 of Rs 272.41 lakh crore. 

The growth in nominal GDP during 2023-24 is estimated at 8.9 per cent compared to 16.1 per cent in 2022-23.

The size of the economy, as per the current estimates, is slated to be at Rs 296.58 lakh crore or USD 3.57 trillion (@ Rs 83/USD) during 2023-24. 

Similarly, public administration, defence and other services growth is estimated to grow by 7.7 per cent this fiscal against 7.2 per cent in FY23. 

The growth in gross value added (GVA) at basic prices is pegged at 6.9 per cent this fiscal, down from 7 per cent in 2022-23.