ECONOMY BEATS ESTIMATES, GROWS 8.2% IN FY24

Growth propels economy to $3.5 trillion and set the stage for achieving the $5-trillion target in the next few years.

- NIVEDITA MUKHERJEE

Amidst deepening geopolitical distress and global macroeconomic headwinds, , India’s GDP is estimated to have posted a growth of 8.2 per cent in financial year 2023-24 compared to the growth rate of 7.0 per cent in FY 2022-23.

The the gross value addition (GVA) has grown by 7.2 per cent in 2023-24 over the growth rate of 6.7 per cent in 2022-23, as per the data released by the National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation (MoSPI).

The Government’s fiscal deficit for FY24 stands at Rs 16,53,670, coming in 4.6 per cent, less than in FY23 and 4.7 per cent lower than FY24 revised estimates.

The GVA expansion is attributed to significant growth of 9.9 per cent in manufacturing sector in 2023-24 over -2.2 per cent in 2022-23 and growth of 7.1 per cent in 202324 over 1.9 per cent in 202223 for mining & quarrying sector.