Team Blitz India
NEW DELHI: Beating the expectations of analysts, India’s gross domestic product (GDP) grew at 7.8 per cent on an annual basis in the last quarter (Q4) of the FY24. Further, the Centre now estimates the overall growth rate of FY24 to be 8.2 per cent, the Ministry of Statistics and Programme Implementation (MOSPI) data showed on May 31.
The data for previous quarter i.e. Q3 that had left experts surprised, has also been revised upwards to 8.6 per cent from 8.4 per cent. Therefore, the growth in the previous three quarters now stand at 8.2 per cent in Q1, 8.1 per cent in Q2 and 8.6 per cent in Q3, on an annual basis.
The GDP growth for FY24 has also been revised upwards to 8.2 per cent from the second advance estimate of 7.6 per cent which was released in February this year (2024).
Meanwhile, the real Gross Value Added (GVA) grew by 7.2 per cent in FY24 over 6.7 per cent in 2022-23. “This GVA growth has been mainly due to significant growth of 9.9 per cent in manufacturing sector in 2023-24 over a contraction of 2.2 per cent in 2022-23 and growth of 7.1 per cent in 2023-24 over 1.9 per cent in 2022-23 for mining sector,” the Government said in a press release.
The experts were anticipating a better-than-expected growth for the January to March quarter. The Reserve Bank of India (RBI estimated Q4FY24 real GDP growth to be 7 per cent while ET Poll suggested the growth rate of 6.8 per cent. As per a Reuters poll, the Indian economy was expected to grow at 6.7 per cent in the January-March quarter on a year-on-year basis, owing to weak demand.
