India’s Gross Domestic Product (GDP) is projected to experience a 7.3 percent growth in the fiscal year 2023-24, as per the initial advance estimates of national income released by the National Statistical Office (NSO) on the previous day. The anticipated higher GDP expansion is attributed to increased investment, government expenditure, and improved outputs in key sectors such as mining, manufacturing, construction, and financial services.
In comparison to the 7.2 percent growth in the preceding year, the Indian economy is forecasted to demonstrate accelerated growth in FY24, as indicated by the initial official estimates. The Reserve Bank of India had earlier estimated a growth rate of 7 percent. The government’s assessments suggest a potential 6.9 percent growth in the second half, driven by heightened investment and manufacturing activities.