The gross domestic product (GDP) of India increased 7.8% between January and March, exceeding the forecasts of experts. Days before the highly anticipated results of a massive, six-week-long polling exercise to pick a new government for the greatest democracy in the world, the quarterly and annual GDP figures have been released.
India GDP expanded by 7.8 % in Q4, above analysts' forecasts, and by 8.2% in FY242.
India’s GDP expanded 7.8% between January and March, above analysts’ projections, according to official figures released on Friday.
The nation’s GDP was predicted to grow by 6.7% in the fourth and final quarter of the fiscal year 2023–24, according analysis by stock 24 news.
It is projected that real GDP, or GDP at constant prices, will reach a level of Rs 173.82 lakh crore. The Ministry of Statistics & Programme Implementation reports that in FY24, this amount is more than an earlier revised estimate of Rs 160.71 lakh crore.
According to the most recent quarterly GDP estimate, growth for the full fiscal year 2023–24 was 8.2%, up from 7.0% the year before.
India GDP expanded by 7.8 % in Q4
“India’s GDP and GVA growth beat both our and the market’s estimates, but it slowed to a four-quarter low of 7.8% and 6.3%, respectively, in Q4 FY2024 from the revised prints of 8.6% and 6.8% in Q3. We anticipate GDP and GVA growth to print closer to one another in FY2025, especially in terms of the yearly numbers, as such a significant rise of net indirect taxes is unlikely to continue.” The ICRA’s chief economist and head of research and outreach, Aditi Nayar, stated.
“The industrial sector had a major role in the sequential slowdown in GVA growth, which was caused by a combination of volume growth moderating and a narrower deflation in industrial raw material inputs in Q4 FY2024 compared to Q3. However, Nair said that the growth in construction and manufacturing remained strong, printing at a rate of more than 8.0 percent throughout the quarter.
The economy has grown in the following ways during the last three years:
We anticipate a slowdown in GDP growth from the 8.2% rise seen in FY2024, as temporary factors are anticipated to stifle growth in H1 FY2025,” the analyst continued.
The GDP figures for the quarter and year are released a few days ahead of the highly anticipated results of a massive, six-week survey. excercise to choose a new government for the biggest democracy in the planet. By the end of August, the data for the April–June India GDP expanded by 7.8 % in Q4, first quarter of FY25 will be made public.
Separate government statistics revealed that the production of eight key industries increased by 6.2% in April. The sectors that had the greatest rise were electricity, natural gas, coal, steel, refinery products, crude oil, and cement. Cement, coal, crude oil, power, fertilizers, natural gas, products from petroleum refineries, and steel are the eight industries.
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