Indian economy to grow 7.3 pc in 2023-24: Govt estimates

The Indian economy is estimated to grow at 7.3 per cent in 2023-24 against 7.2 per cent in the previous fiscal, the National Statistical Office (NSO) said on Friday in its first advance estimates of national accounts.

Releasing the first advance estimates of National Income for 2023-24, the NSO said, ''Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 171.79 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of Rs 160.06 lakh crore, released on 31st May 2023''. According to a statement, the growth in real GDP during 2023-24 is estimated at 7.3 per cent compared to 7.2 per cent in 2022-23.

GDP at current prices in the year 2023-24 is estimated at Rs 296.58 lakh crore against the provisional estimate of GDP of Rs 272.41 lakh crore for the year 2022-23, released on May 31, 2023, it stated.

The growth in nominal GDP during 2023-24 is estimated at 8.9 per cent against 16.1 per cent in 2022-23, it added.

In December 2023, the RBI raised India's GDP growth rate estimate to 7 per cent for 2023-24 from its earlier projection of 6.5 per cent.