India's GDP Growth Estimate

  • 02 Mar 2024

National Statistics Office (NSO) revises India's real GDP growth estimate to 7.6% for the current year.

  • Gross Value Added (GVA) projected to rise by 6.9% this year.
  • GDP growth for first two quarters raised to 8.2% and 8.1%, reaching 8.4% in Q3.
  • GVA growth in Q3 disappoints at 6.5%, with concerns over private consumption and struggling farm sector.
  • Industrial growth drives this year's growth, with significant contributions from construction, manufacturing, and mining sectors.
  • Trade, hotels, transport, communications, and broadcasting services sectors expected to see GVA growth decline in 2023-24.
  • Despite GDP growth revisions, consumption demand remains weak, with concerns about skewed spending patterns.