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The industrial and construction sectors drive GDP growth in the fourth quarter to 7.8%.

Posted on by darion

New Delhi, May 31 (UNI) In the January-March quarter (Q4) of the financial year 2023-24, India’s gross domestic product (GDP) registered a growth of 7.8% year-on-year, beating market estimates, led by strong performance of sectors such as such as production and construction.

Both the manufacturing and construction sectors grew by over 8% year-on-year in March ’24.

“Real GDP or GDP at constant prices in the fourth quarter of 2023-24 is estimated at Rs 47.24 lakh crore as against Rs 43.84 lakh crore in the fourth quarter of 2022-23, implying a growth rate of 7.8 %,” the Ministry of Statistics and Program Implementation (MoSPI) said in a press note on Friday.

Actual Gross Value Added (GVA) in the fourth quarter of 2023-2024 is estimated at Rs 42.23 lakh crore as against Rs 39.74 lakh crore in the fourth quarter of 2022-23, implying a growth rate of 6. 3%.

“While India’s GDP and gross value added growth declined to a four-quarter low of 7.8% and 6.3% respectively in the fourth quarter of FY2024, compared to adjusted prints of 8.6% and 6.8% in the third quarter, it exceeded both our and market expectations.” said ICRA Chief Economist Aditi Nayar.

For the full financial year ended March 31, 2024, GDP growth is estimated at 8.2% compared to the growth rate of 7% in 2022-23.

“Real GDP or GDP at constant prices is estimated to touch Rs 173.82 lakh crore in 2023-24, as against the First Revised Estimate (FRE) of GDP for 2022-23 of Rs 160.71 lakh crore. The growth rate of real GDP in 2023–2024 is estimated at 8.2% compared to 7.0% in 2022–2023,” MoSPI reported.

Real gross value added for the full financial year 2023-24 increased by 7.2% compared to 6.7% in 2022-23.

This increase in gross value added was mainly due to a significant growth of 9.9% in the manufacturing sector in 2023-24 compared to -2.2% in 2022-23 and an increase of 7.1% in 2023-24 over 1 .9% in 2022-2023 in the mining and quarrying sector, “- says the official statement.

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