New Delhi: The Indian economy is estimated to grow by 7.3 per cent in the 2023-24 fiscal against 7.2 per cent a year ago, mainly due to good show by mining and quarrying, manufacturing and certain segments of services sectors. As per the first advance estimates of national income released by the National Statistical Office (NSO) on Friday, the manufacturing sector output is estimated to grow to 6.5 per cent in the current fiscal compared to 1.3 per cent in 2022-23.
Similarly, mining sector growth is estimated at 8.1 per cent in the current fiscal against 4.1 per cent in 2022-23. Financial services, real estate and professional services are estimated to record a growth of 8.9 per cent this fiscal compared to 7.1 per cent in FY23. "Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 171.79 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of Rs 160.06 lakh crore, released on 31st May 2023," an NSO statement said.
According to the statement, the growth in real GDP during 2023-24 is estimated at 7.3 per cent compared to 7.2 per cent in 2022-23. The NSO estimates are higher than the 7 per cent GDP growth projection of the Reserve Bank of India (RBI) for the current fiscal. It also said that nominal GDP or GDP at Current Prices in the year 2023-24 is estimated at Rs 296.58 lakh crore against the provisional estimate of GDP for the year 2022-23 of Rs 272.41 lakh crore.