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India's GDP growth UPSC NOTE


  • India’s real Gross Domestic Product (GDP) for FY24 is estimated to have grown by a faster-than-projected 8.2%, quickening from FY23’s 7% pace, the National Statistical Office’s (NSO) provisional estimates released on Friday show.

  • The NSO had in its first advance estimates projected real GDP growth for FY24 at 7.3%.

  • Nominal GDP has witnessed a growth rate of 9.6% in FY24 over the growth rate of 14.2% in FY23

  • Real GDP, or GDP at constant prices, is estimated to have attained a level of ₹173.82 lakh crore in FY24, against the First Revised Estimates (FRE) of GDP for FY23 of ₹160.71 lakh crore

  • Nominal GDP, or GDP at current prices, is estimated at ₹295.36 lakh crore in FY24, against ₹269.50 lakh crore in FY23

  • Real Gross Value Added (GVA) had likely expanded by 7.2% in FY24, faster than FY23’s 6.7%

  • This GVA growth has been mainly due to significant growth of 9.9% in the manufacturing sector in FY24 over a 2.2% contraction in FY23

  • Mining and quarrying’s growth of 7.1% in FY24 over 1.9% in FY23



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India's GDP growth UPSC NOTE
India's GDP growth UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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