Sunday, July 14, 2024

India’s Bumper Economic Growth, GDP Grows At 7.8%!

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Recently, the Ministry of Statistics and Programme Implementation (MoSPI) released its latest growth numbers. According to this data, India’s GDP (Gross Domestic Product) surpassed all expectations and grew at 7.8% in Q4 of FY2023-24. Furthermore, the growth rate for FY24, is pegged at 8.2% as against 7% in FY22-23.

Growth Rates…

In terms of absolute numbers the Real GDP stood at ₹173.82 lakh crore for FY2023-24 as compared to  ₹160.71 lakh crore in FY2022-23. While Nominal GDP at current prices stood at ₹295.36 lakh crore in FY 2023-24, compared to ₹269.50 lakh crore in FY22-23. Thus, indicating a growth rate of 9.6%.

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According tp the data, the Real GVA stood at ₹158.74 lakh crore in FY23-24 thereby growing at 7.2% against 6.7% in FY22-23. The manufacturing witnessed growth of 9.9% in FY23-24. overall, the secondary sector including the manufacturing, electricity and construction grew at 9.7% on year on year basis.

Pc-Pib
Pc-Pib

This growth data indicates that despite facing challenges of COVID Pandemic, Russia-Ukraine war and the middle east crisis, India has outperformed many Economists expectations.

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According to FM Nirmala Sitharaman, India witnessed the largest GDP growth rates among major economies of the world. Furthermore, according to CNN, India’s Per Capita GDP grew by 55% from 2014 TO 2023. The graph mentioned below states the same.

Pc-CNN

Growth Reactions…

On one hand, the Friday release of GDP numbers seems to have upset the opposition. On the other hand, this news seems to be well received by others. In light of the recent developments, some of the them remembered Raghuram Rajan’s past remark and posted the following on X.

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Meanwhile, the combined Index of Eight core Industries(ICI) data was also released. The provisional data shows that ICI increased by 6.2% in April 2024 compared to 2023. This positive trend reflects increase in production of key industries and is a good sign of growth. Apart from this fresh data, the RBI has moved around 100 tonnes of gold from UK’s central bank to Indian vaults. The NPA are at their lowest, UPI touched new heights with 18 billion transactions. The banking sector net profit crossed Rs 3 lakh crore and The SBI has overtaken Reliance industries as the most profitable company by clocking in a record Rs 20,698 crore in nQ4.

Last but not the least, the latest GDP numbers, confirms India’s leap from Fragile Five to the world’s Fastest growing economy!

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