Indian economy to grow by 7.3 per cent, say government's advance estimates
Economy
India's Ministry of Statistics and Programme Implementationin its first advance estimate has said that the country's economy is likely to grow by 7.3 per cent in financial year 2023-24. The ministry said that the fresh figure surpasses the provisional growth rate of 7.2 per cent in the previous financial year.
"The growth in real GDP during 2023-24 is estimated at 7.3 per cent as compared to 7.2 per cent in 2022-23," said India's National Statistics Office (NSO), which comes under Ministry of Statistics.
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This estimate of growth places India ahead of major global economies. India has seen increased state spending and also notable increase in manufacturing activities.
The advance estimate is in line with the recent adjustment in growth forecast by the Reserve Bank of India (RBI). India's central bank upgraded its growth forecast to 7 per cent from 6.5 per cent.
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The Indian government has taken steps to boost the economy whichincludesincreased state spending to improve infrastructure in the country.
The government has also made investments with an aim to boost manufacturing.
Indian economy grew by 7.6 per cent year-on-year in the September quarter. This was better than theexpected performance.
Despite global factors and uncertainties, the performance of the Indian economy has been robust. S&P Global Ratings hasforecastIndia holding on to its position as the fastest-growing major economy over the next three years.
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Prudent fiscal policies, a resilient domestic market and strategic investments has been a winning combination for India to leave its global counterparts behind.
The ratings agency has predicted India to become the world's third-largest economyby 2030,
(With inputs from agencies)