The Indian government expects 7.3% growth for the current fiscal year (2023-24), showing the economy is growing. After 7.2% growth in 2022-23, this outlook is encouraging.
The National Statistical Office (NSO) announced its first 2023-24 advance projections of National Income, reflecting continuing economic growth. Real GDP at constant prices is projected to reach ₹171.79 lakh crore in 2023-24, up from ₹160.06 lakh crore in the previous year. Expect a healthy rise in nominal GDP to ₹296.58 lakh crore, up from ₹272.41 lakh crore in 2022-23.
These projections indicate 8.9% nominal GDP growth for 2023-24, notwithstanding global challenges. The government’s forecast matches the RBI’s December 2023 upgrade of its GDP growth forecast to 7%, indicating economic resiliency.
“The Indian economy continues to demonstrate remarkable resilience and its growth trajectory is encouraging,” said a government spokeswoman. “We are committed to implementing policies that foster further economic expansion and create new opportunities for all.”
Industry analysts are likewise optimistic about India’s economy. A top economist remarked, “The government’s focus on infrastructure development, digitalization, and reforms is bearing fruit.” “The projected growth rate, coupled with ongoing structural reforms, positions India well to attract investment and achieve long-term economic prosperity.”
Despite geopolitical tensions and worldwide inflation, the government’s and analysts’ estimates show that the Indian economy would increase in the following year.
Conclusion
GDP is predicted to grow 7.3% in 2023-24, continuing its rise. Government and RBI estimates suggest economic resiliency. Infrastructure, digitalization, and reforms are considered growth drivers..
