India’s economic growth will be 7.3 percent in 2023-24: First advance estimate – Dainik Savera Times
[ad_1]
New Delhi: Despite global conditions remaining challenging, the Central Statistics Office (NSO) estimates that India’s gross domestic product (GDP) will grow at a strong 7.3 percent during the current financial year 2023-24. This estimate of NSO is higher than the previous estimate of the Reserve Bank of India (RBI). The Center had in December raised its earlier estimate of GDP growth to seven percent from 6.5 percent.
The country’s economic growth rate in the year 2022-23 was 7.2 percent. According to the first advance estimate released on Friday by the National Statistical Office (NSO) regarding growth in this financial year ending March, real GDP at 2011-12 prices is expected to be at the level of Rs 171.79 lakh crore in the year 2023-24. Have an estimate. According to the provisional estimates released on May 31, India’s real GDP in the last financial year was Rs 160.06 lakh crore.
The growth rate of the Indian economy at current prices is likely to be 8.9 per cent in FY 20-23-24 compared to 16.1 per cent in FY 2022-23, an official release said. The budget for the current financial year has estimated GDP growth at current prices at 10.5 percent. Thus, NSO’s estimate of the potential size of GDP at current prices is higher than the Reserve Bank’s estimate but lower than the government’s estimate.
According to the first advance estimates of NAVO, GDP at current prices is estimated to be Rs 296.58 lakh crore in the current financial year, while it was Rs 272.41 lakh crore in FY 2022-23. The growth of mining sector in the current financial year may be 8.1 percent which was 4.6 percent in the last financial year. The growth of the manufacturing sector is estimated at 6.5 percent in the current financial year, which is a big improvement compared to 1.3 percent a year ago.
The growth in the Indian economy was 7.8 per cent in the April-June quarter of the current financial year and 7.6 per cent in the July-September quarter. The growth of construction sector is estimated to be 10.7 percent in the current financial year.
[ad_2]
Source link
