The Second Advance Estimates of National Income for the fiscal year 2023-24 reveal a resilient Indian economy, boasting a healthy 7.6 percent growth rate of Gross Domestic Product (GDP). This marks an increase from the 7 percent growth rate witnessed in the previous fiscal year, 2022-23.
The construction sector is expected to register a double-digit growth rate of 10.7 percent, while the manufacturing sector is expected to display a strong performance with an 8.5 percent growth rate, contributing significantly to the overall GDP growth in FY 2023-24. Notably, the manufacturing sector recorded an impressive 11.6 percent growth rate, followed by the construction sector at 9.5 percent, propelling the Real GDP to an 8.4 percent growth in Q3/FY24.
The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), has released the Second Advance Estimates (SAE) of National Income for 2023-24. These estimates include quarterly GDP figures for the October-December quarter (Q3/FY24) along with expenditure components, as well as Revised Estimates of National Income, Consumption Expenditure, Saving, and Capital Formation.
According to the release, the Real GDP for the fiscal year 2023-24 is projected to reach Rs 172.90 lakh crore at Constant (2011-12) Prices, compared to Rs 160.71 lakh crore in 2022-23, reflecting a growth rate of 7.6 percent. Nominal GDP for 2023-24 is estimated at Rs 293.90 lakh crore, up from Rs 269.50 lakh crore in 2022-23, indicating a growth rate of 9.1 percent.
Similarly, the GDP at Constant (2011-12) Prices for Q3/FY24 is estimated at Rs 43.72 lakh crore, compared to Rs 40.35 lakh crore in Q3/FY23, with a growth rate of 8.4 percent. The GDP at Current Prices for Q3/FY24 is projected to be Rs 75.49 lakh crore, compared to Rs 68.58 lakh crore in Q3/FY23, representing a growth rate of 10.1 percent.
Speaking to the press on the latest GDP figures, the Chief Economic Advisor (CEA) V Anantha Nageswaran said that Indian economy ticks many boxes in the right way and continues to grow asserting that there is a case for the global rating agencies to reappraise their estimates of India’s potential growth rate to 7 per cent.
With emphasis on capital investment beginning to crowd in the private sector, Nageswaran said the private sector capital formation is not a story for the future, but is a story that is unfolding at present.
