Economic growth robust, momentum to continue in Modi govt’s third term: FM

Finance Minister Nirmala Sitharaman today said national GDP growth rate of 8.2% for 2023–24 showcases robustness of the Indian economy and the growth momentum will continue in the third term of the government led by Prime Minister Narendra Modi.

Speaking on the provisional estimates of the annual GDP for FY24 released by the government today, Sitharaman says on X, “Today's GDP data showcases robust economic growth with a growth rate of 8.2% for FY 2023-24 and 7.8% for Q4 of FY 2023-24. This remarkable GDP growth rate is the highest among the major economies of the world.”

“It is worthwhile to note that the manufacturing sector witnessed a significant growth of 9.9% in 2023-24, highlighting the success of the Modi government's efforts for the sector. Many high-frequency indicators indicate that the Indian economy continues to remain resilient and buoyant despite global challenges. India’s growth momentum will continue in the third term of Prime Minister Narendra Modi-led government,” says Sitharaman.

According to the estimates of the national incomes released by the Ministry of Statistics, real GDP is estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7.0% in FY 2022-23. “Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY 2022-23,” the ministry says in the release.

“Real GDP or GDP at constant prices is estimated to attain a level of ₹173.82 lakh crore in the year 2023-24, against the first revised estimates (FRE) of GDP for the year 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. Nominal GDP or GDP at current prices is estimated to attain a level of ₹295.36 lakh crore in the year 2023-24, against ₹269.50 lakh crore in 2022-23, showing a growth rate of 9.6%,” the release says.