India Anticipates Robust Economic Growth of 7.3% in FY 2023-24: Government’s Advance Estimate
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In a promising economic outlook, the Ministry of Statistics and Programme Implementation in India has released its inaugural advance estimate of national income, projecting a substantial growth rate of 7.3 percent for the financial year 2023-24. This figure surpasses the provisional growth rate of 7.2 percent recorded in the previous fiscal year, indicating a positive trajectory for the nation’s economy.
Key to this growth projection is the construction sector, which is expected to be a significant driver with an impressive estimated growth of 10.7 percent, as outlined in a press release from the ministry, disseminated by the Press Information Bureau (PIB).
The growth in real GDP during 2023-24 is estimated at 7.3 percent, an improvement from the 7.2 percent recorded in 2022-23, stated the National Statistics Office (NSO), a division under the Ministry of Statistics, highlighting the nation’s economic resilience.
This optimistic economic outlook places India ahead of major global economies and is attributed to increased state spending and a notable upswing in manufacturing activities. The Reserve Bank of India (RBI) has recently revised its growth forecast, upgrading it from 6.5 percent to an optimistic 7 percent.
The Indian government’s proactive measures to stimulate economic growth include heightened state spending, focusing on infrastructure improvement. Substantial investments have been directed towards initiatives aimed at bolstering the manufacturing sector.
Demonstrating this economic resilience, the Indian economy showcased remarkable year-on-year growth of 7.6 percent in the September quarter, surpassing expectations. Despite global uncertainties, India’s economic performance stands out, with S&P Global Ratings predicting its continued status as the fastest-growing major economy over the next three years.
S&P Global Ratings attribute this economic resilience to prudent fiscal policies, a robust domestic market, and strategic investments. The agency even foresees India claiming the position of the world’s third-largest economy by 2030, underscoring the nation’s ability to outpace global counterparts and firmly establishing itself on the path to sustained economic growth.
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