India’s projected growth for the fiscal year 2023-24 is set at 8.2%, propelled largely by the manufacturing and mining sectors. However, there’s a contrasting trend in the agricultural sector, with the Gross Value Added (GVA) expected to slow down to 1.4% in FY24 compared to 4.7% in the previous fiscal year 2022-23.
India’s economic growth exceeded expectations in the final quarter of the fiscal year, with the GDP expanding by 7.8% from January to March. Although this growth rate was slightly lower than the previous quarter’s 8.4%, it surpassed economists’ projections, demonstrating the resilience of the economy. The government revised the GDP growth forecast for the entire fiscal year 2023-24 upwards to 8.2% from the earlier estimate of 7.6%, indicating sustained momentum.
A survey of economists suggested a more conservative estimate for the fourth-quarter GDP growth, highlighting the surprise element in India’s economic performance. Prime Minister Narendra Modi emphasized India’s status as the fastest-growing major economy globally, underlining the significance of this achievement.
The specific sectors driving this growth and the government’s policies supporting it would be worth exploring further. Overall, this news reflects positively on India’s economic outlook and its potential for continued expansion.