Govt ups GDP growth forecast to 7.3% for 2023-24

India’s gross home product (GDP) is estimated to develop by 7.3 per cent in 2023-24, up from 7.2 per cent in 2022-23, in accordance to the advance estimate launched by the Ministry of Statistics on Friday.

The ministry’s estimate is greater than the RBI’s just lately revised forecast of seven per cent, after the shock 7.6 per cent growth seen within the July-September quarter on the again of a powerful growth within the manufacturing sector.

The Finance Ministry, too, has mentioned it expects GDP growth to “comfortably” exceed its forecast of 6.5 per cent.

“These are early projections for 2023-24,” the National Statistical Office (NSO) mentioned in a press release, noting that improved information protection, precise tax receipts and spending on state subsidies would have a bearing on subsequent revisions.

Manufacturing, which contributes about 17 per cent of the GDP, is estimated to increase 6.5 per cent year-on-year in 2023-24, in contrast to 1.3 per cent a 12 months in the past, whereas building output is seen rising by 10.7 per cent, up from 10 per cent seen within the earlier 12 months, in accordance to the newest information.

However, the growth in farm output, which accounts for 15 per cent of the GDP, is seen slowing down to a mere 1.8 per cent within the present fiscal 12 months, from 4 per cent the earlier 12 months as erratic monsoon hit crops.

(With inputs from IANS)