January 6, 2024
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Indian economy to grow 7.3% in FY2023 24 with construction at 10.7% and broad sectoral gains year ahead.
Real GDP for 2023-24 is estimated to grow 7.3% (nominal GDP 8.9%), with construction at double digit growth and agriculture at 1.8%. The First Advance Estimates use the benchmark indicator method, extrapolating prior year benchmarks with contemporaneous indicators (IIP, corporate financials, crop/livestock/fishery estimates, cement/steel metrics, transport and trade traffic, vehicle sales, bank deposits/credits, and budget data) and compile taxes and subsidies from budget, CGA and CAG information. Estimates are preliminary and subject to revision as fuller data and revised benchmark estimates become available.