NEW DELHI: India’s economy growth slowed to a four-quarter low of 7.8% in the January-March period, but pushed the annual growth rate for FY24 to 8.2%, mainly on account of good showing by manufacturing, official data showed on May 31.
The growth propelled the Indian economy to $3.5 trillion and set the stage for achieving the $5-trillion target in the next few years.
Follow the Daily Excelsior channel on WhatsApp
In the previous 2022-23 fiscal year, the economy grew 7%.
China has registered an economic growth of 5.3% in the first three months of 2024.
The economic expansion was recorded at 7.8% during the January-March 2024, while it was 8.6% in October-December 2023 and 8.1% in July-September 2023.
The growth was 8.2% in April-June 2023, as per data released by the National Statistical Office (NSO).
The GDP grew 6.2% in the January-March quarter of 2022-23.
The NSO, in its second advance estimate released in February, had projected the GDP growth for 2022-23 at 7.7 %.
According to the NSO data, real GDP, or GDP at constant prices, is estimated to attain a level of ₹173.82 lakh crore in 2023-24, against the first revised estimates (FRE) of GDP for 2022-23 of ₹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,” it stated.
Nominal GDP or GDP at current prices is estimated to attain a level of ₹295.36 lakh crore in 2023-24, against ₹269.50 lakh crore in 2022-23, showing a growth rate of 9.6 %, it added.
The real GDP in the March quarter of 2023-24 is estimated at Rs 47.24 lakh crore, against Rs 43.84 lakh crore a year earlier, showing a growth rate of 7.8%.
Nominal GDP, or GDP at current prices in the March quarter of 2023-24, is estimated at ₹78.28 lakh crore, against ₹71.23 lakh crore in the year-ago period, showing a growth rate of 9.9 %.
The real GVA (gross value added) is estimated at ₹158.74 lakh crore in 2023-24, against the FRE for 2022-23 of ₹148.05 lakh crore, registering a growth rate of 7.2% as compared to 6.7% in 2022-23.
The GVA growth in the manufacturing sector accelerated to 8.9% in the March quarter against 0.9% a year ago.
GVA growth in mining was 4.3% in the fourth quarter compared to 2.9% in the same quarter of the previous fiscal.
Construction grew 8.7% in the quarter, up from 7.4% in the corresponding period of 2022-23.
The agriculture sector growth decelerated to 0.6% from 7.6%.
The electricity, gas, water supply, and other utility services segment grew 7.7%during the fourth quarter from 7.3 per cent in the year-ago period.
GVA growth in the services sector — trade, hotel, transport, communication and services related to broadcasting — was 5.1% in the fourth quarter against a growth of 7% a year ago.
Financial, real estate and professional services grew 7.6% in the March 2023 quarter compared to 9.2% in the year-ago period.
Public administration, defence and other services posted 7.8% growth in the quarter against 4.7% expansion in the same quarter a year ago.
The government’s fiscal deficit for 2023-24 stood at 5.63% of the GDP, marginally better then the 5.8 per cent estimated in the Union Budget..
In actual terms, the fiscal deficit, or gap between expenditure and revenue, was at ₹16.53 lakh crore.
In the revised estimate for 2023-24, the government had projected the fiscal deficit of ₹17.34 lakh crore, or 5.8% of the GDP, in the interim Budget tabled on February 1 in Parliament.
According to the data released by the Controller General of Accounts, the government managed to meet the revenue collection target.
Net tax collection was at ₹23.26 lakh crore in FY24, while the expenditure stood at ₹44.42 lakh crore. (Agencies)
Follow our WhatsApp channel
