India's GDP expected to grow by 7.3% in FY24: NSO advance estimates

"The growth in real GDP during 2023-24 is estimated at 7.3 per cent as compared to 7.2 per cent in 2022-23," NSO said.

The Reserve Bank of India's (RBI) recently revised up its growth forecast for this year to 7 per cent from the earlier 6.5 per cent.

India’s economy grew at a faster-than-expected rate of 7.6 per cent year on year in the September quarter last year, following a 7.8-per cent growth in the previous quarter.

The International Monetary Fund and the World Bank expect the country’s economy to grow at 6.3 per cent in this fiscal.

Rising trade deficit is becoming a drag on growth, official figures indicate.

The ministry of statistics and programme implementation estimates nominal GDP growth of 8.9 per cent in FY24, lower than the 10.5 per cent estimated in the union budget for this fiscal.

ALCHEMPro News Desk (DS)