India's GDP growth at 7.3% for FY24: government's first estimate

India's economy is estimated to grow by 7.3 percent in 2023-24, up from 7.2 percent in the previous fiscal, the National Bureau of Statistics (NSO) said on Friday in its first advance national accounts estimates.

Releasing the first preliminary national income estimates for 2023-24, the NSO said, “Real GDP or GDP at constant prices (2011-12) is estimated to reach a level of Rs 171 in the year 2023-24 .79 lakh crore, against the preliminary GDP estimate for the year 2022-2023 of Rs 160.06 lakh crore, released on May 31, 2023”.

According to a statement, real GDP growth in 2023-2024 is estimated at 7.3 percent, compared to 7.2 percent in 2022-2023.

GDP at current prices in the year 2023-24 is estimated at Rs 296.58 lakh crore, against the provisional GDP estimate of Rs 272.41 lakh crore for the year 2022-23 released on May 31, 2023, it said report.

Nominal GDP growth in 2023-2024 is estimated at 8.9 percent, up from 16.1 percent in 2022-2023.

In December 2023, the RBI increased India's GDP growth estimate for 2023-24 from 6.5 percent to 7 percent.

First print: January 5, 2024 | 6:02 PM IST