Govt ups GDP growth forecast to 7.3% for 2023-24
GDP growth to “comfortably” exceed its forecast of 6.5% says finance ministry
Updated: Jan 6th, 2024
Image: IANS |
India’s gross domestic product (GDP) is estimated to grow by 7.3% in 2023-24, up from 7.2% in 2022-23, according to the advance estimate released by the ministry of statistics on Jan 5.
The ministry’s estimate is higher than the RBI’s recently revised forecast of 7%, after the surprise 7.6% growth seen in the July-September quarter on the back of a strong growth in the manufacturing sector.
The finance ministry, too, has said it expects GDP growth to “comfortably” exceed its forecast of 6.5%.
“These are early projections for 2023-24,” the national statistical office (NSO) said in a statement, noting that improved data coverage, actual tax receipts and spending on state subsidies would have a bearing on subsequent revisions.
Manufacturing, which contributes about 17% of the GDP, is estimated to expand 6.5% year-on-year in 2023-24, compared to 1.3% a year ago, while construction output is seen growing by 10.7%, up from 10% seen in the previous year, according to the latest data.
However, the growth in farm output, which accounts for 15% of the GDP, is seen slowing down to a mere 1.8% in the current fiscal year, from 4% the previous year as erratic monsoon hit crops.
(Source: IANS)
-Edited for style
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