Indian Economy Grew by 8.2% in FY 24 : NSO
Economy
6 min read
According to the provisional estimate of the National Statistical Organisation (NSO), the Indian Gross Domestic Product (GDP) grew by 8.2 per cent in the financial year 2023-24. The Indian GDP growth rate in 2022-23 was 7 percent. This is the ninth time since 1960-61 the Indian GDP has grown by 8 per cent or more in a financial year
7.8 % growth in the last Quarter of FY 24
The Reserve Bank of India had estimated a growth rate of 7.6 per cent for the Indian economy in 2023-24. The unexpectedly high growth rate of 8.2 per cent in 2023-24 was due to the strong performance of the economy in the fourth quarter(January- March 2024) of the financial year 2023-24.
The Indian GDP grew by 7.8 per cent in the fourth quarter of 2023-24 (January-March) compared to January -March 2023.
Quarterly GDP Growth Rate in 2023-24
The following are the growth rates of the Indian GDP in the four quarters of the financial year 2023-24.
|
Quarter of Financial Year 2023-24 |
Growth Rate |
|
Q1(April - June 2023) |
8.2 % |
|
Q2(July to November 2023) |
8.1% |
|
Q3 (October -December 2023) |
8.6% |
|
Q4 (January- March 2024) |
7.8% |
Annual Growth Rate of GDP in 2023-24
GDP Growth Rate
The Real GDP, or the GDP at constant price (base year 2011-2012), in 2023-24 was estimated at Rs 173.82 lakh crore, showing a growth of 8.2 per cent compared to 2022-23.
The Nominal GDP or GDP at market price in 2023-24 was estimated at Rs 295.36 lakh crore, registering a growth rate of 9.6 per cent compared to 2022-23.
Gross Value Added (GVA) Growth Rate
The real GVA was estimated at Rs 158.74 lakh crore in 2023-24, a growth rate of 7.2 per cent. The main contributors to the growth have been the manufacturing sector(9.9 per cent) and the Mining and quarrying sector (7.1 per cent).
The nominal GVA was estimated at Rs 267.62 lakh crore in 2023-24, an 8.5 per cent growth rate compared to 2022-23.
Composition and Sectoral Growth Rate of GVA in 2023-24
The Indian economy has been divided into three broad sectors based on occupation: Primary, Secondary, and Tertiary.
- The Primary Sectors include Agriculture, Livestock, Forestry and fishing, and Mining and quarrying.
- The Secondary Sectors include Manufacturing, Electricity, Gas, Water supply and other Utility Services, and Construction.
- The Tertiary or Services Sector includes Trade, Hotels, Transport, Communication, and Services related to Broadcasting, Financial, Real Estate, and Professional Services, as well as Public Administration, Defence, and other Services.
|
Sectors |
Contribution in Economy (2023-24) |
Growth rate in Real GVP in 2023-24 |
|
Primary |
19.6 per cent |
2.1 per cent |
|
Secondary |
25.7 per cent |
9.7 per cent |
|
Tertiary |
54.7 percent |
7.6 per cent |
Growth Rate of GVA at constant price (base year 2011-12)
Following are the growth rates of the various sectors of the Indian economy in 2023-24.
|
Industry |
Growth rate for 2022-23 in percentage |
Growth rate for 2023-24 in percentage |
|---|---|---|
|
Primary |
4.4. |
2.1 |
|
1. Agriculture, Livestock, Forestry and fishing, |
4.7 |
1.4 |
|
2. Mining and quarrying. |
1.9 |
7.1 |
|
Secondary |
2.1 |
9.7 |
|
1. Manufacturing |
-2.2 |
9.9 |
|
2. Electricity, Gas, Water supply and other Utility Services, |
9.4 |
7.5 |
|
3. Construction |
9.4 |
9.9 |
|
Tertiary |
10.0 |
7.6 |
|
1. Trade, Hotels, Transport, Communication and Services related to Broadcasting, |
12.0 |
4.6 |
|
2. Financial, Real Estate & Professional Services |
9.1 |
8.4 |
|
3. Public Administration, Defence & Other Services. |
6.7 |
7.2 |
Years in which Indian Economy grew by 8 per cent or more
The Indian economy has grown nine times by 8 per cent or more in a fiscal year. Here is the list of the financial years when the growth rate was 8 per cent or more.
|
Fiscal year |
Growth Rate |
|
1975-76 |
9.1 per cent |
|
1988-89 |
9.6 percent |
|
1999-2000 |
8.8 percent |
|
2006.07 |
8.0 percent |
|
2010-2011 |
8.5 percent |
|
2015-16 |
8 percent |
|
2016-17 |
8.3 percent |
|
2021-22 |
9.7 per cent |
|
2023-24 |
8.2 percent |
