India’s GDP grows at 7.8% in Q4FY24

New Delhi, May 31, 2024.

India’s gross domestic product (GDP) for the fourth quarter of the current financial year grew by 7.8% year-on-year, according to data released by the Ministry of Statistics and Programme Implementation on Thursday.

This is better than what most economists had predicted. In the same period last year, GDP growth was 6.1%, and in the previous quarter, it was 8.4%.

The Reserve Bank of India (RBI) had forecasted a 6.9% growth in real GDP for Q4FY24, with a full-year projection of 7.6%.

It may be noted that the Real Gross Value Added or GVA has been estimated to grow at 6.3% in the final quarter of FY24.

The country’s real GDP for FY24 is estimated to be 8.2%, compared to 7% in FY23.

“Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7.0% in FY 2022-23. Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY 2022-23,” said the government.