(Image source from: bfsi.economictimes.indiatimes.com)
India's economy grew 7.8 percent in the March quarter, an annual growth rate of 8.2 percent, according to official data released today. The growth rate in the January-March period was lower than the 8.6 percent growth rate in the December period. According to the National Statistics Office (NSO), the gross domestic product (GDP) increased by 6.2 percent in the January-March period of the 2022-23 financial year. According to the data, economic growth is expected to increase to 8.2 percent in 2023-24 compared to 7 percent growth in 2022-23. In its second preliminary national accounts estimate, the NSO forecast the country's growth rate of 7.7 percent for the period 2023-2024. China recorded economic growth of 5.3 percent in the first three months of 2024. India's fiscal deficit stood at 5.6 per cent in FY24, below the revised estimate of 5.8 per cent of GDP due to strong revenue collections and lower subsidy outlay. . In its interim budget for fiscal 2025, the finance ministry cut its fiscal deficit target for 2023-24 from 5.9 percent of GDP to 5.8 percent.
This GVA growth was mainly driven by a strong growth of 9.9% in the manufacturing sector in 2023-24, compared to a decline of (-) 2.2% in 2022-23 and a growth of 7.1% in 2023-24 to 1.9% in 2023. 24. Mining sector in 2022-23. The nominal GDP growth rate was 9.6 percent in 2023-24, up from 14.2 percent in 2022-23. The nominal GVA and nominal GDP growth rates in the fourth quarter of 2023-24 are estimated at 8.0% and 9.9%, respectively. India's gross domestic product (GDP) grew by 7.8 percent in the fourth quarter of fiscal 2023-24. The full-year real GDP growth rate is provisionally estimated at 8.2%. India's fiscal deficit for fiscal 2024 is Rs 16.54 billion, which is 95.3 percent of the revised forecast. The eight major sectors include coal, oil, natural gas, electricity, refined products, steel, cement and chemical fertilizers. Coal production increased by 7.5% and electricity production by 9.4%. Coal production rose 8.7% and electricity production rose 8.6% in March.
Steel production rose by 7.1% in March compared to the same month last year, compared to 6.4% in the previous month. Natural gas production recorded an 8.6 percent increase in April, compared to a 6.3 percent increase in the previous month. Cement production rose 0.6% in April compared to the same month last year, slower than the 10.6% growth in March. Crude oil production rose 1.6 percent in April, compared with a 2 percent increase the previous month. All sectors except chemical fertilizers recorded growth. Fertilizer production fell 0.8 percent in April, compared with a 1.3 percent decline in March, while refined products rose 3.9 percent, compared with a 1.5 percent increase in the previous month.
