INDIA'S GDP GROWS 8.2% IN FY24, GVA UP 7.2% ON MANUFACTURING, MINING PUSH

India's GDP grew by 8.2% in FY 2023-24, driven by strong manufacturing performance and fiscal improvements, with optimistic projections ahead

- NIVEDITA MUKHERJEE

A midst deepening geopolitical distress and global macro economic headwinds and the Government’s confidence of a third term in office, India’s GDP is estimated to have posted a resilient growth of 8.2 per cent growth in financial year (FY) 2023-24 as compared to the growth rate of 7.0 per cent in FY 2022-23 and 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 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 2023-24 over 1.9 per cent in 2022-23 for mining & quarrying sector. Finance Minister Nirmala Sitharaman said the GDP data “showcases robust economic growth and this growth rate is the highest among the major economies of the world”. Sitharaman highlighted on X that the manufacturing sector highlights 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 PM Narendra Modi,” Sitharaman said.