India Defies Expectations As GDP Growth For FY24 Stands At 8.2 Percent, PM Modi Calls It Trailer Of Things To Come

India Defies Expectations As GDP Progress For FY24 Stands At 8.2 P.c, PM Modi Calls It Trailer Of Issues To Come

The Ministry of Statistics and Programme Implementation launched information on Could 31 by which, surpassing all expectations, there was an enormous development for India’s GDP because it stands at 7.8% within the fourth quarter and eight.2% for FY24.

Printed: June 1, 2024 10:43 AM IST


India GDP Growth
India GDP Progress

India GDP Progress For FY24: The final section of the Lok Sabha Elections 2024 has begun at this time and the Lok Sabha Elections 2024 Outcomes shall be introduced on June 4, 2024. Forward of the ballot verdict, the Ministry of Statistics and Programme Implementation has launched the nation’s Gross Home Product (GDP) for the monetary 12 months 2023-24 and to everybody’s shock, India’s GDP Progress has surpassed everybody’s expectations because it stands at 7.8 % within the fourth quarter and total for this monetary 12 months, it stands at 8.2 %. Whereas sharing this information on social media, Prime Minister Narendra Modi has thanked the hardworking folks of the nation and has additionally mentioned that that is ‘only a trailer of issues to come back’…

India GDP Progress For FY24 Is 8.2 P.c

As talked about earlier, India’s gross home product (GDP) surpassed all expectations and stood at 7.8 per cent within the January-March quarter. The total-year 2023-24 GDP has been revised upwards to eight.2 per cent from the second advance estimate of seven.6 per cent, in keeping with information launched on Friday by the Ministry of Statistics and Programme Implementation. This surge marks an enchancment from the 7.0 per cent development recorded within the previous fiscal 12 months, showcasing the resilience and power of the Indian financial system amidst evolving international dynamics.

India GDP: Sector-Smart Evaluation And Progress

In line with the press launch, sector-wise evaluation additional illuminates the financial panorama, with actual gross worth added (GVA) experiencing a development fee of seven.2 per cent in 2023-24, in comparison with the 6.7 per cent development noticed in 2022-23. The manufacturing sector has emerged as a key driver of this development, witnessing a surge of 9.9 per cent in 2023-24, a stark distinction to -2.2 per cent development registered within the earlier 12 months.

Along with the annual estimates, the discharge additionally offered Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24, providing insights into the financial system’s efficiency within the remaining quarter of the fiscal 12 months. In This autumn, each Actual GVA and Actual GDP showcased sturdy development, with charges reaching 6.3 per cent and seven.8 per cent, respectively. These figures underscore the financial system’s resilience and regular momentum amidst international uncertainties and challenges.

The provisional information reveals that actual GDP soared to Rs 173.82 lakh crore in 2023-24, in comparison with Rs 160.71 lakh crore within the earlier fiscal 12 months. This interprets to a development fee of 8.2 per cent, showcasing the financial system’s buoyancy. Equally, actual GVA has climbed to Rs 158.74 lakh crore, marking a notable 7.2 per cent development from the earlier 12 months. In This autumn of 2023-24, actual GDP surged to Rs 47.24 lakh crore, indicating a sturdy development fee of seven.8 per cent. Concurrently, actual GVA reached Rs 42.23 lakh crore, with a development fee of 6.3 per cent. These figures depict the financial system’s regular momentum, underscoring the resilience throughout sectors.

India’s GDP Progress: Key Indicatory

Key indicators such because the Index of Industrial Manufacturing (IIP), monetary efficiency of listed firms, and advance estimates of crop manufacturing play pivotal roles within the estimation course of. Moreover, inputs from varied sectors together with agriculture, manufacturing, and providers are meticulously analyzed to offer correct insights into the financial panorama.

Trailer Of Issues To Come: Prime Minister Narendra Modi

Prime Minister Narendra Modi took to X (previously Twitter) to share the information that India’s GDP development for the fiscal 12 months 2023-24 has reached 8.2 per cent, highlighting the sturdy momentum within the Indian financial system and expressing optimism for the long run. In his submit, PM Modi said, “The This autumn GDP development information for 2023-24 exhibits sturdy momentum in our financial system which is poised to additional speed up. Due to the hardworking folks of our nation, 8.2% development for the 12 months 2023-24 exemplifies that India continues to be the quickest rising main financial system globally. As I’ve mentioned, that is only a trailer of issues to come back.”

The Gross Home Product (GDP) estimates for April-June of 2024-25 which is the primary quarter of the brand new monetary 12 months, is scheduled to be launched on August 30, 2024.

(Inputs from ANI)


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