India’s Gross Domestic Product (GDP) growth rate in the quarter ending March 31, 2024 grew by 7.8%, the data released by the National Statistical Office (NSO) of Ministry of Statistics and Programme Implementation (MoSPI) said on Friday.

Notably, these figures surpass the Reserve Bank of India’s (RBI) estimate of 7%.

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As per the government data, the GDP growth provisionally stands at 8.2% for the Financial Year 2023-24 (FY24), as compared to the growth rate of 7% in FY23.

Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7% in FY 2022-23.

Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY 2022-23.

Earlier, government estimates had placed GDP growth for FY24 at 7.6%.

The Real Gross Value Added (GVA) has been estimated to grow by 6.3% in Q4FY24.

“This GVA growth has been mainly due to significant growth of 9.9 per cent in manufacturing sector in 2023-24 over a contraction of (-)2.2 per cent in 2022-23 and growth of 7.1 per cent in 2023-24 over 1.9 per cent in 2022-23 for mining sector,” the government said in a press release.

For the entire financial year 2023-24, GVA has grown by 7.2%, compared to the growth rate of 6.7% in FY23.

Real GVA and Real GDP have been estimated to grow by 6.3% and 7.8% respectively in Q4 of FY 2023-24.

Growth rates in Nominal GVA and Nominal GDP for Q4 of FY 2023-24 have been estimated at 8.0% and 9.9% respectively.

Real GDP or GDP at Constant Prices is estimated to attain a level of Rs 173.82 lakh crore in the year 2023-24, against the First Revised Estimates (FRE) of GDP for the year 2022-23 of Rs 160.71 lakh crore.

Nominal GDP or GDP at Current Prices is estimated to attain a level of Rs 295.36 lakh crore in the year 2023-24, against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.6%.

Real GVA is estimated at Rs 158.74 lakh crore in the year 2023-24, against the FRE for the year 2022-23 of Rs 148.05 lakh crore, registering a growth rate of 7.2% as compared to 6.7% in 2022-23.

Nominal GVA is estimated to attain a level of Rs 267.62 lakh crore during FY 2023-24, against Rs 246.59 lakh crore in 2022-23, showing a growth rate of 8.5%.