7.3% growth in India in FY24 against FY23's 7.2%: 1st advance estimate

10 Jan '24

1 min read

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The first advance estimate of India's GDP for fiscal 2023-24 indicates growth at 7.3 per cent compared to 7.2 per cent in FY23, according to the monthly newsletter ECOWRAP by the State Bank of India.
The gross value added growth estimate is 6.9 per cent.
Nominal GDP growth is estimated to have risen by 8.9 per cent in FY24 vis-a-vis 16.1 per cent in FY23.

The first advance estimate (AE) of India’s gross domestic product (GDP) for fiscal 2023-24 (FY24) indicates growth at 7.3 per cent compared to 7.2 per cent in FY23, according to the monthly newsletter ECOWRAP by the State Bank of India’s (SBI) research unit.

The gross value added (GVA) growth estimate is 6.9 per cent.

Nominal GDP growth is estimated to have increased by 8.9 per cent in FY24 vis-a-vis 16.1 per cent in FY23.

The National Statistical Office’s (NSO) estimated GDP growth of 7.3 per cent in FY24 is 30 basis points (bps) higher than the Reserve Bank of India’s estimates.

NSO expects 7.0 per cent GDP growth for the second half (H2) of FY24, which seems quite reasonable by the tone and tenor of things unfolding each day, the newsletter noted.

On the external side, the export growth has slowed considerably in line with slowdown in principal exports markets. The exports are estimated to grow at 1.4 per cent in FY24 down from 13.6 per cent in FY23.

Fibre2Fashion News Desk (DS)

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