The National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation (MoSPI), 0n 31 May 2024, released the Provisional Estimates (PE) of the Annual Gross Domestic Product (GDP) for the Financial Year 2023-24 (FY2024) and the Quarterly GDP Estimates for the fourth quarter (January-March) of FY2024.
The Real GDP for FY2024 is projected to grow by 8.2%, compared to a growth rate of 7.0% in FY2023. The Nominal GDP has shown a growth rate of 9.6% in FY2024, down from 14.2% in FY2023.
Real Gross Value Added (GVA) has increased by 7.2% in FY2024, compared to 6.7% in FY2023. This growth in GVA is largely attributed to the significant growth of 9.9% in the Manufacturing sector in FY2024, compared to a decline of -2.2% in FY2023, and a growth of 7.1% in the Mining & Quarrying sector in FY2024, up from 1.9% in FY2023. Real GVA and Real GDP are estimated to grow by 6.3% and 7.8%, respectively, in the fourth quarter of FY2024. The growth rates for Nominal GVA and Nominal GDP in Q4 FY2024 are projected at 8.0% and 9.9%, respectively.
Annual Estimates:
Real GDP, or GDP at Constant Prices, is estimated to reach Rs 173.82 lakh crore in FY2024, compared to the First Revised Estimates (FRE) of Rs 160.71 lakh crore for FY2023, indicating a growth rate of 8.2%, up from 7.0% in FY2023. Nominal GDP, or GDP at Current Prices, is expected to reach Rs 295.36 lakh crore in FY2024, up from Rs 269.50 lakh crore in FY2023, showing a growth rate of 9.6%.
Real GVA is estimated at Rs 158.74 lakh crore in FY2024, up from Rs 148.05 lakh crore in FY2023, registering a growth rate of 7.2%, compared to 6.7% in FY2023. Nominal GVA is expected to reach Rs 267.62 lakh crore in FY2024, up from Rs 246.59 lakh crore in FY2023, showing a growth rate of 8.5%.
Quarterly Estimates:
Real GDP, or GDP at Constant Prices, for Q4 FY2024 is estimated at Rs 47.24 lakh crore, compared to Rs 43.84 lakh crore in Q4 FY2023, indicating a growth rate of 7.8%. Nominal GDP, or GDP at Current Prices, for Q4 FY2024 is projected at Rs 78.28 lakh crore, up from Rs 71.23 lakh crore in Q4 FY2023, showing a growth rate of 9.9%.
Real GVA for Q4 FY2024 is estimated at Rs 42.23 lakh crore, up from Rs 39.74 lakh crore in Q4 FY2023, showing a growth rate of 6.3%. Nominal GVA for Q4 FY2024 is projected at Rs 70.97 lakh crore, up from Rs 65.74 lakh crore in Q4 FY2023, indicating a growth rate of 8.0%.
