India Defies Expectations As GDP Growth For FY24 Stands At 8.2 Percent, PM Modi Calls It ‘Trailer Of Things To Come’

India GDP Growth For FY24: The last phase of the Lok Sabha Elections 2024 has begun today and the Lok Sabha Elections 2024 Results will be announced on June 4, 2024. Ahead of the poll verdict, the Ministry of Statistics and Programme Implementation has released the country’s Gross Domestic Product (GDP) for the financial year 2023-24 and to everyone’s surprise, India’s GDP Growth has surpassed everyone’s expectations as it stands at 7.8 percent in the fourth quarter and overall for this financial year, it stands at 8.2 percent. While sharing this news on social media, Prime Minister Narendra Modi has thanked the hardworking people of the country and has also said that this is ‘just a trailer of things to come’…
India GDP Growth For FY24 Is 8.2 Percent
As mentioned earlier, India’s gross domestic product (GDP) surpassed all expectations and stood at 7.8 per cent in the January-March quarter. The full-year 2023-24 GDP has been revised upwards to 8.2 per cent from the second advance estimate of 7.6 per cent, according to data released on Friday by the Ministry of Statistics and Programme Implementation. This surge marks an improvement from the 7.0 per cent growth recorded in the preceding fiscal year, showcasing the resilience and strength of the Indian economy amidst evolving global dynamics.
India GDP: Sector-Wise Analysis And Growth
According to the press release, sector-wise analysis further illuminates the economic landscape, with real gross value added (GVA) experiencing a growth rate of 7.2 per cent in 2023-24, compared to the 6.7 per cent growth observed in 2022-23. The manufacturing sector has emerged as a key driver of this growth, witnessing a surge of 9.9 per cent in 2023-24, a stark contrast to -2.2 per cent growth registered in the previous year.
In addition to the annual estimates, the release also provided Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24, offering insights into the economy’s performance in the final quarter of the fiscal year. In Q4, both Real GVA and Real GDP showcased robust growth, with rates reaching 6.3 per cent and 7.8 per cent, respectively. These figures underscore the economy’s resilience and steady momentum amidst global uncertainties and challenges.
The provisional data reveals that real GDP soared to Rs 173.82 lakh crore in 2023-24, compared to Rs 160.71 lakh crore in the previous fiscal year. This translates to a growth rate of 8.2 per cent, showcasing the economy’s buoyancy. Similarly, real GVA has climbed to Rs 158.74 lakh crore, marking a notable 7.2 per cent growth from the previous year. In Q4 of 2023-24, real GDP surged to Rs 47.24 lakh crore, indicating a robust growth rate of 7.8 per cent. Concurrently, real GVA reached Rs 42.23 lakh crore, with a growth rate of 6.3 per cent. These figures depict the economy’s steady momentum, underscoring the resilience across sectors.
India’s GDP Growth: Key Indicatory
Key indicators such as the Index of Industrial Production (IIP), financial performance of listed companies, and advance estimates of crop production play pivotal roles in the estimation process. Additionally, inputs from various sectors including agriculture, manufacturing, and services are meticulously analyzed to provide accurate insights into the economic landscape.
Trailer Of Things To Come: Prime Minister Narendra Modi
Prime Minister Narendra Modi took to X (formerly Twitter) to share the news that India’s GDP growth for the fiscal year 2023-24 has reached 8.2 per cent, highlighting the robust momentum in the Indian economy and expressing optimism for the future. In his post, PM Modi stated, “The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate. Thanks to the hardworking people of our country, 8.2% growth for the year 2023-24 exemplifies that India continues to be the fastest growing major economy globally. As I’ve said, this is just a trailer of things to come.”

The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate. Thanks to the hardworking people of our country, 8.2% growth for the year 2023-24 exemplifies that India continues to be the fastest growing major economy globally. As…
— Narendra Modi (@narendramodi) May 31, 2024

The Gross Domestic Product (GDP) estimates for April-June of 2024-25 which is the first quarter of the new financial year, is scheduled to be released on August 30, 2024.
(Inputs from ANI)