India's GDP growth zooms past expectation, FY24 GDP pegged at 8.2%

India's GDP growth numbers have surpassed estimates. For the January to March quarter, GDP has grown 7.8%. For the full year FY24, GDP has been pegged at a strong 8.2% as compared to a growth rate of 7% in FY2022-23.

In its second advance estimate, the statistics ministry had pegged GDP growth for the financial year 2023-24 at 7.6%.

GDP growth

Meanwhile, for the January to March 2024 quarter, the GVA came in at 6.3% while for the full year 2023-2024, real GVA has grown by 7.2% compared to the 6.7% in 2022-2023.

This GVA growth has been mainly due to significant growth of 9.9% in Manufacturing sector in 2023-24 over -2.2% in 2022-23 and growth of 7.1% in 2023-24 over 1.9% in 2022-23 for Mining & Quarrying sector, as per data from the Ministry of Statistics.

In FY24, the Indian economy reported growth rates of 8.2% during the April to June quarter, 8.1% in the July to September quarter, and 8.4% in the October to December quarter.
Reserve Bank of India has projected a 7% GDP growth rate for the current fiscal year of FY25.