NSO Revises India's GDP Growth Estimates

The National Statistical Office (NSO) has revised India’s GDP growth estimates for the fiscal year 2023-24, projecting a real GDP growth of 7.3% compared to 7.2% in 2022-23. This update showcases India’s economic resilience and a robust performance across several sectors, with the construction sector expected to see a notable growth of 10.7%. Despite global economic challenges, India continues to exhibit strong growth dynamics, underpinned by increased state spending and manufacturing activities. However, the agriculture and allied sector is projected to grow at a modest rate of 1.8%. These projections are based on the First Advance Estimates released by the NSO, which utilizes a comprehensive methodology incorporating inputs from various sectors and extrapolating estimates using relevant indicators.

India’s economic outlook remains positive, with the Reserve Bank of India (RBI) also adjusting its growth forecast to 7% from an earlier estimate of 6.5%, indicating favorable economic conditions and positive trends across sectors. The NSO’s advance estimates are crucial for understanding the direction of India’s economy and will be refined further as more data becomes available, ensuring an accurate reflection of the country’s economic health.