Indian Economy: All guesses will be put to rest! India’s economy will grow at full speed this year too, know details
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Indian Economy: Due to good performance of mining and quarrying, manufacturing and service sectors in the current financial year, the growth rate of Indian economy may be 7.3 percent, whereas a year ago it was 7.2 percent. This possibility was expressed in a government estimate released on Friday. National Statistical Office (NSOReleasing the first advance estimates of national income, it said that the manufacturing sector output is expected to increase to 6.5 percent in the financial year 2023-24 as compared to 1.3 percent in the previous financial year. Similarly, the growth of the mining sector is estimated to be 8.1 percent in the current financial year, which was 4.1 percent in 2022-23. The growth rate of financial services, real estate and professional services is estimated to be 8.9 percent in the current financial year while it was 7.1 percent in the financial year 2022-23. NSO said in a statement that real GDP (Gross Domestic Product) i.e. GDP at constant prices of 2011-12 is estimated to reach Rs 171.79 lakh crore in the year 2023-24, while the provisional estimate of GDP for the year 2022-23 is Rs 160.06 lakh crore. It is crore rupees.
According to the statement, the rate of growth in real GDP will be 7.3 percent during the financial year 2023-24, while it is estimated to be 7.2 percent in the financial year 2022-23. This estimate of NSO is higher than the estimate of the Reserve Bank of India (RBI) for the current financial year. Last month, in the bi-monthly monetary policy review, the Reserve Bank had increased the country’s GDP growth estimate for 2023-24 from 6.5 percent to seven percent. GDP at current prices in the financial year 2023-24 is estimated to be Rs 296.58 lakh crore, while according to the provisional estimates for the year 2022-23 released on May 31, 2023, the GDP was Rs 272.41 lakh crore. According to NSO, the growth rate of GDP at current prices in the year 2023-24 is estimated to be 8.9 percent while in 2022-23 it was 16.1 percent. NSO says that the size of the Indian economy is estimated to be Rs 296.58 lakh crore or 3.57 lakh crore dollars (at the rate of Rs 83 per dollar) at the end of 2023-24.
The growth rate of agriculture sector is estimated to decline to 1.8 percent in the current financial year. The growth rate of agriculture sector in the last financial year was four percent. Similarly, the growth rate of trade, hotel, transport, communication and broadcasting services is estimated to decline to 6.3 percent from 14 percent in the last financial year. However, the construction sector is expected to grow at the rate of 10.7 percent in the current financial year, which was 10 percent a year ago. Similarly, the growth rate of public administration, defense and other services is estimated to increase from 7.2 percent to 7.7 percent in the financial year 2022-23. In the current financial year, Gross Value Added (GVA) at basic prices is estimated to be at the rate of 6.9 percent, which was seven percent in the last financial year.
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