India's GDP grows at 8.2% in FY24

New Delhi: India's Gross Domestic Product (GDP) grew by 8.2 percent in 2023-24 (FY24), aided by a greater-than-expected expansion of 7.8 percent in the fourth quarter, according to the provisional estimates of gross domestic product (GDP) growth released by the National Statistical Office (NSO) on Friday.

Key highlights of the report included an estimated 8.2 percent growth in Real GDP in FY 2023-24 compared to 7.0 percent in FY 2022-23, a 9.6 percent growth rate in nominal GDP, and a 7.2 percent growth rate in Gross Value Added (GVA). This growth has been mainly attributed to significant growth in the manufacturing sector and a 7.1 percent growth rate in the mining and quarrying sector.

Real GVA and Real GDP are estimated to grow by 6.3% and 7.8% respectively in Q4 of FY 2023-24, with growth rates in nominal GVA and Nominal GDP for Q4 of FY 2023-24 being 8.0 percent and 9.9 percent respectively, added the report. It covered the primary, secondary, and tertiary sectors of the country.

The provisional and quarterly estimates of national income are compiled using the benchmark indicator method, which is based on the estimates available for the previous year (2022-23). The report also provides information on the growth rates in the Gross Value Added (GVA) and Gross/Net National Income for the years 2021-22, 2022-23, and 2023-24 at constant and current prices.

ALSO READ: Meghalaya's Consumer Protection Council assesses govt initiatives