Industry experts on Friday hailed the 8.2 per cent GDP growth estimate for the full financial year 2023-24 calling it significant as it would boost business sentiments and create a roadmap for ‘Viksit Bharat’ by 2047.
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Industry experts on Friday hailed the 8.2 per cent GDP growth estimate for the full financial year 2023-24 calling it significant as it would boost business sentiments and create a roadmap for ‘Viksit Bharat’ by 2047.
The Indian economy clocked a robust GDP growth of 7.8 per cent in the January-March quarter while for the full financial year 2023-24, the growth rate works out to a stellar 8.2 per cent — up from 7 per cent in FY 2022-23.
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“The GDP estimates have come in as per expectations. The 8.2 per cent growth estimate for the full FY23-24 is significant as it is above the psychological mark of 8 per cent that should boost business sentiments,” said Ranen Banerjee, Partner and Leader Economic Advisory, PwC India.
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The GDP numbers have been buoyed by a strong print in manufacturing supported by a low base given the negative growth printed in the previous year, said experts.
“Mining and quarrying has also helped the higher print,” said Banerjee.
The high GDP growth has been driven by a strong performance of the manufacturing and mining sectors, according to the Ministry of Statistics data.
Aditi Nayar, Chief Economist, Head of Research and Outreach at ICRA, said that the expansion in manufacturing and construction remained quite robust, “printing at above 8 per cent in the quarter”.
According to the ministry, the growth has been propelled mainly due to significant growth of 9.9 per cent in the manufacturing sector in 2023-24 over -2.2 per cent in 2022-23 and a growth of 7.1 per cent in 2023-24 in the mining sector up from 1.9 per cent in 2022-23.
“India’s growth at 8.2 per cent is a reflection of the efforts for ‘Viksit Bharat’ by 2047 and the growth momentum is expected to continue and strengthen in the coming times,” said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
“Despite deepening geopolitical distress and global macroeconomic headwinds, India remains resilient,” he added.
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