GDP boost! Indian economy grows 7.8% in Q4, 8.2% in fiscal FY24

Beating the market expectations, India's gross domestic product (GDP) recorded 7.8% growth in the January-March quarter of FY2023-24, according to the latest data shared by the Ministry of Statistics & Programme Implementation (MoSPI).

The provisional estimates of the full fiscal year show the real GDP has been estimated to grow by 8.2% in FY2023-24 as compared to the growth rate of 7.0% in FY 2022-23, the government says.

"Real GDP has been 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.

Here's what Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi said robust GDP numbers.

The country's real GVA (gross value added) has grown by 7.2% in 2023-24 over 6.7% in 2022-23, mainly due to significant growth of 9.9% in manufacturing sector in 2023-24 over -2.2% in 2022-23 and growth of 7.1% in 2023-24 over 1.9% in 2022-23 for mining and quarrying sector.

In Q4 FY24, the real GVA grew 6.3%. Growth rates in Nominal GVA and nominal GDP for Q4 have been estimated at 8% and 9.9% respectively.

FY24 GDP & GVA numbers

At constant prices, the real GDP is estimated to attain a level of ₹173.82 lakh crore in 2023-24 against the first revised estimates of GDP for 2022-23 of ₹160.71 lakh crore. The growth rate in real GDP during 2023-24 is estimated at 8.2% vs 7% in 2022-23. At current prices, the nominal GDP stood at ₹295.36 lakh crore in 2023-24 vs ₹269.50 lakh crore in 2022-23, up 9.6%.

The real GVA is estimated at ₹158.74 lakh crore in 2023-24 vs the first revised estimates for 2022-23 of ₹148.05 lakh crore, up 7.2% compared to 6.7% in 2022-23. The nominal GVA is estimated at ₹267.62 lakh crore in FY 2023-24 vs ₹246.59 lakh crore in 2022-23, up 8.5%.

Q4 FY24 GDP & GVA numbers

The Centre says the GDP at constant prices in Q4 of 2023-24 is at ₹47.24 lakh crore against ₹43.84 lakh crore in the year-ago period, up 7.8%. The nominal GDP at current prices in Q4 is at ₹78.28 lakh crore, against ₹71.23 lakh crore in the year-ago period, up 9.9%.

The real GVA in Q4 is ₹42.23 lakh crore, against ₹39.74 lakh crore in Q4 of 2022-23, up 6.3%. The nominal GVA in Q4 is ₹70.97 lakh crore, against ₹65.74 lakh crore in the year-ago period, a growth rate of 8%.