NEW DELHI, May 31: Beating market estimates, India’s gross domestic product (GDP) logged 7.8% year-on-year growth in January-March quarter (Q4) of the financial year 2023-24 on the back of strong performance by sectors such as manufacturing and construction.
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“Real GDP or GDP at constant prices in Q4 of 2023-24 is estimated at Rs 47.24 lakh crore, against Rs 43.84 lakh crore in Q4 of 2022-23, showing a growth rate of 7.8%,” said Ministry of Statistics & Programme Implementation (MoSPI) in a press note on Friday.
For the full financial year ended March 31, 2024, the GDP growth is estimated at 8.2% as compared to the growth rate of 7% in FY 2022-23.
“Real GDP or GDP at constant prices is estimated to attain a level of Rs 173.82 lakh crore in the year 2023-24, against the First Revised Estimates (FRE) of GDP for the year 2022-23 of Rs 160.71 lakh crore. The growth rate in real GDP during 2023-24 is estimated at 8.2% as compared to 7.0% in 2022-23,” MoSPI said.
Meanwhile, lauding the high GDP growth in 2023-24, Prime Minister Narendra Modi today said it underlines robust momentum in the economy which is poised to accelerate further.
“As I’ve said, this is just a trailer of things to come,” he said on X.
Modi said, “The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate. Thanks to the hardworking people of our country, 8.2% growth for the year 2023-24 exemplifies that India continues to be the fastest growing major economy globally.” (Agencies)
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