India’s GDP Growth Forecasts for 2023-24

The initial growth estimate provided by the statistics ministry for the current year surpasses the Reserve Bank of India’s prediction of 7.0 percent.

• The Ministry of Statistics and Programme Implementation has projected a 7.3% GDP growth for India in 2023-24, slightly up from the previous year’s 7.2%.

• This estimate is higher than the 7.0% growth predicted by the Reserve Bank of India.

• While the Finance Ministry expects the GDP to outperform its initial 6.5% forecast for 2023-24, they haven’t given an updated figure.

• The first GDP estimate for this fiscal year comes before the interim Budget presentation for 2024-25 on February 1.

• The Finance Ministry will base its budgetary decisions on this GDP estimate, potentially using an 11.0% nominal GDP growth rate for 2024-25.

• Earlier, the Finance Ministry had assumed a 10.5% nominal GDP growth for 2023-24, but the new statistics indicate it might be around 8.9%.