India's GDP to Grow 7.3% in Fiscal 2023-24, Government Estimates
India's economy is estimated to grow by around 7.3% in the current fiscal year ending March 31, against the provisional growth of 7.2% in the previous year, according to estimates released by the National Statistics Office on Friday.
The estimated growth rate is faster than the Reserve Bank of India’s 7% projection.
In nominal terms, though, the projected growth for fiscal year 2023-24 is 8.9%, much lower than the 16.1% growth recorded a year earlier.
Meanwhile, the gross value-added growth is seen at 6.9% for the fiscal year 2024, slightly lower than the 7% recorded in fiscal year 2023.
The first advance estimate is the government's first GDP projection released in January, which uses the benchmark indicator method and draws on provisional data from high-frequency indicators.
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