India’s Q4 GDP Data Out: India’s gross domestic product (GDP) grew 7.8 per cent y-o-y during the January-March 2024 quarter (Q4 FY24) as compared with the 6.2 per cent growth recorded a year ago, according to the latest official data released on Friday, May 31. It has surpassed analysts’ estimates.
For the full financial year 2023-24, India’s GDP growth rate stood at 8.2 per cent as against 7 per cent in FY23, according to an official statement.
For Q4 FY24, analysts had expected a slower GDP growth of 5.9 per cent-6.7 per cent for Q4 FY24. For the full 2023-24 fiscal, analysts had expected GDP to grow at 7.8 per cent.
“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,” according to the statement.
Real GDP or GDP at constant prices in Q4 of 2023-24 is estimated at Rs 47.24 lakh crore, against Rs 43.84 lakh crore in Q4 of 2022-23, showing a growth rate of 7.8 per cent, it added, it added.
Reacting to the numbers, Finance Minister Nirmala Sitharaman in a post on X said, “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.”
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, she added.
“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 PM Narendra Modi-led government,” Sitharaman said.
According to the latest data released by the National Statistical Office (NSO), India’s gross value added or GVA, which is GDP minus net product taxes and reflects growth in supply, also grew 6.3 per cent year-on-year during January-March 2024. During full FY24, GVA grew 7.2 per cent vs 6.7 per cent a year ago.