NEW DELHI, MAY 31 : Beating market estimates, India’s gross domestic product (GDP) logged 7.8% year-on-year growth in January-March quarter (Q4) of the financial year 2023-24 on the back of strong performance by sectors such as manufacturing and construction.

Both manufacturing and construction sectors registered over 8% year-on-year growth in the March quarter of FY24.

“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%,” said Ministry of Statistics & Programme Implementation (MoSPI) in a press note on Friday.

Real GVA (gross value added) in Q4 of 2023-24 is estimated at Rs 42.23 lakh crore as against Rs 39.74 lakh crore in Q4 of 2022-23, thus registering a growth rate of 6.3%.

“While the growth in India’s GDP and GVA moderated to a four-quarter low of 7.8% and 6.3%, respectively, in Q4 FY2024 from the revised prints of 8.6% and 6.8% in Q3, it exceeded both our and market expectations,” said ICRA chief economist Aditi Nayar.

For the full financial year ended March 31, 2024, the GDP growth is estimated at 8.2% as compared to the growth rate of 7% in FY 2022-23.

“Real GDP or GDP at constant prices is estimated to attain a level of Rs 173.82 lakh crore in the year 2023-24, against the First Revised Estimates (FRE) of GDP for the year 2022-23 of Rs 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,” MoSPI said.

Real GVA in the full financial year 2023-24 grew by 7.2% over 6.7% in 2022-23.
This GVA growth has been 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 & quarrying sector,” the official release said.(UNI)