New Delhi: The National Statistics Office projects that the Indian economy will grow at a rate of 7.3 percent in the fiscal year 2023-24, maintaining its position as the fastest-growing major economy. These initial estimates for 2023-24 are subject to change based on improved data coverage, actual tax collections, subsidy expenditures, and data revisions from source agencies.

In the previous fiscal year 2022-23, India's economy recorded a growth of 7.2 percent, following an impressive 8.7 percent growth in 2021-22. The first advance estimates of GDP were released after the Reserve Bank of India (RBI) increased its growth forecast by 50 basis points to 7 percent from the earlier projection of 6.5 percent.

The positive adjustments by both the RBI and NSO are influenced by India's stronger-than-expected growth in the July-September quarter of the current fiscal year, where the economy expanded by 7.6 percent. Notably, India had achieved a GDP growth rate of 7.8 percent in the April-June quarter.

Key factors contributing to the revised growth projections for 2023-24 include robust sowing of rabi crops despite delays in the harvest of Kharif crops in some states. Additionally, the manufacturing sector has gained strength, benefiting from reduced input cost pressures and increased demand conditions, as highlighted by RBI Governor Shaktikanta Das.

According to NSO estimates, the manufacturing sector is anticipated to grow by 6.5 percent in 2023-24, a significant improvement from the 1.3 percent growth recorded in the previous fiscal year. Furthermore, the construction sector is expected to witness a growth of 10.7 percent, up from 10 percent in the preceding year, as indicated by NSO data.

One Nation, One Election: Public Invited to Contribute Ideas for Electoral Reforms

CBI Seeks Extension in Land-for-Jobs Case: Lalu Prasad Yadav and Others Await Document Access

Viksit Sankalp Bharat Yatra: Jaishankar Emphasizes Visionary Changes in India