The Indian economy surged by 8.4 percent in the October-December period of 2023, marking a significant increase from the 4.3 percent growth recorded during the same period the previous year.
In the fiscal year 2023-24, the Real GDP or GDP at Constant (2011-12) Prices is projected to reach Rs 172.90 lakh crore, marking an increase from the First Revised Estimates (FRE) of GDP for the year 2022-23, which stood at Rs 160.71 lakh crore.
The growth rate of GDP for 2023-24 is estimated at 7.6 percent, representing a rise compared to the growth rate of 7 percent witnessed in 2022-23.
In the fiscal year 2023-24, the Nominal GDP or GDP at Current Prices is expected to reach Rs 293.90 lakh crore, compared to Rs 269.50 lakh crore in 2022-23, indicating a growth rate of 9.1 percent.
For the third quarter of 2023-24, GDP at Constant (2011-12) Prices is estimated at Rs 43.72 lakh crore, up from Rs 40.35 lakh crore in the third quarter of 2022-23, reflecting a growth rate of 8.4 percent. Meanwhile, GDP at Current Prices in the third quarter of 2023-24 is projected at Rs 75.49 lakh crore, as opposed to Rs 68.58 lakh crore in the third quarter of 2022-23, demonstrating a growth rate of 10.1 percent.
The Reserve Bank of India forecasts India's real GDP growth for the current fiscal year ending in March 2024 at 7 percent, slightly lower than the National Statistics Office's initial estimate of 7.3 percent by 30 basis points. Over the past three years, the economy has sustained growth rates of over 7 percent, propelled by robust domestic demand.
In the fiscal year 2022-23, India's economy expanded by 7.2 percent, followed by an impressive growth of 8.7 percent in 2021-22. The Department of Economic Affairs, operating under the Ministry of Finance, attributes the resilience in domestic demand, private consumption, and investment to the series of reforms and measures implemented by the government over the past decade.
Looking ahead, India is poised to emerge as the world's third-largest economy within the next three years, boasting a GDP of USD 5 trillion. Furthermore, the finance ministry envisions India achieving the milestone of a USD 7 trillion economy by 2030, backed by sustained growth and progressive policies.