India's GDP may grow 7.3% in FY24: Govt's first advance estimates
- IBEF
- January 8, 2024
The National Statistical Office (NSO) has projected a robust growth of 7.3% for the Indian economy in the fiscal year 2023-2024, surpassing the Reserve Bank of India's estimate of 7%. This optimistic outlook assumes an investment-led recovery in the fifth-largest global economy. The projection exceeds prevailing Street estimates, with most economists anticipating GDP growth between 6.5% and 6.7% for the ongoing financial year, following a 7.2% expansion in FY23.
In the first half of FY24, the Indian economy exhibited notable growth, recording a 7.7% expansion, as per data released on November 30, 2023. The First Advance Estimates of GDP, released by the NSO, factor in industrial production data for an additional month (October) and certain lead indicators until November and December. These estimates imply a GDP growth of 6.95% in the current financial year's second half (October-March).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
