GDP Numbers – Highlights of Q4, 2023–24
The real GDP has surged to 7.8% in real GDP, compared to the third quarter. The results were published by the National Statistical Office(NSO), India.
Real GVA is seen to be at โน43.10 lakh crore, showing that the production activity from all the segments of the value chain has been on strong ground and, therefore, supported by an equivalent Nominal GVA figure of โน49.22 lakh crore. These are huge growth figures compared to last year, thus propping up India’s position among the top world economies.
2023-2024 Fiscal Year GDP Highlights
The real GDP of India surged to โน173.82 lakh crore for the full fiscal year of 2023-2024 from โน160.71 lakh crore notched in the earlier financial year—an absolute increase of 8.2%. Nominal GDP had seen optimistic growth, rising 9.6 per cent versus FY23. The real GVA for the year touched โน164.47 lakh crore, recording an increase of 7.5 percent, while the nominal GVA was โน188.09 lakh crore, a rise of 9.3 percent. Relative to these, once again, it is the proof that India is the world’s fastest-growing economy.
Growth Trends
The GDP of Q4 was way above the predicted levels and also put the economy on a much better footing. Experts believe that its growth will have an equal or even accelerated climb in the following fiscal year driven by continued government spending on infrastructure, manufacturing, and technology. Secondly, with a friendly global economic condition, an increase in domestic consumption enhanced this growth. The manufacturing sector, coupled with a call for Make in India and Atmanirbhar Bharat by the government, coming to work hand in hand with the runaway success of the services sector, is expected to play a twin role in fuelling economic growth.
Very auspicious numbers, they presage India’s clot shot toward the $5 trillion economy goal, and realise India as the third-largest economy globally. This shall make India, with solid underpinnings and several strategic initiatives, all set to take over as the finest economies in the world.
