India's GDP likely to grow by 7.3% in 2023-24: Government estimates

The Indian economy is forecasted to grow at 7.3% in 2023-24, slightly up from the 7.2% of the previous fiscal year, as per the National Statistical Office's initial estimates. The real GDP is anticipated to reach Rs 171.79 lakh crore, up from the prior year's provisional estimate of Rs 160.06 lakh crore.

The growth in real GDP for 2023-24 is estimated at 7.3%, a marginal increase from 7.2% in the previous fiscal year. Additionally, the GDP at current prices is expected to be Rs 296.58 lakh crore, compared to the provisional estimate of Rs 272.41 lakh crore for 2022-23.

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However, the growth in nominal GDP for 2023-24 is projected at 8.9%, a notable decrease from the 16.1% recorded in 2022-23.

In December 2023, the RBI revised India's GDP growth forecast for 2023-24 to 7% from its earlier projection of 6.5%.