On November 30, 2023, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the estimates of Gross Domestic Product (GDP) for the July-September Quarter (Q2) of 2023-24 (Q2FY24), both at Constant (2011-12) and Current Prices.
- India’s Real GDP or GDP at Constant (2011-12) Prices in Q2FY24 is projected to grow at 7.6% as compared to 6.2% in Q2FY23. It is estimated to attain a level of Rs 41.74 lakh crore in Q2FY24 as against Rs 38.78 lakh crore in the Q2FY23.
- In Q1FY24, India’s GDP expanded to 7.8%, surpassing the Reserve Bank of India(RBI)’s forecast of 6.5%.
Key Figures:
i.Nominal GDP or GDP at Current Prices in Q2FY24 is estimated at 9.1% as compared to 17.2% in Q2FY23. It is estimated Rs 71.66 lakh crore in Q2FY24 as against Rs 65.67 lakh crore in Q2FY23.
ii.GDP at Constant (2011-12) Prices in April-September 2023-24 (H1FY24) is estimated at Rs 82.11 lakh crore as against Rs 76.22 lakh crore during H1FY23, showing a growth of 7.7% in H1FY24 as against 9.5% in H1FY23.
iii.GDP at Current Prices in H1FY24 is estimated at Rs 142.33 lakh crore as against Rs 131.09 lakh crore during H1FY23, showing a growth of 8.6% in H1FY24 as against 22.2 in H1FY23.
Sectors in Q2FY24:
i.Manufacturing sector shows robust growth at 13.9% YoY from -3.8% YoY.
ii.Mining and quarrying witness strong growth at 10% YoY from -0.1% YoY.
iii.Agriculture, Livestock, Forestry & Fishing growth slows to 1.2% YoY from 2.5%.
iv.Trade, Hotels, Transport, Communication & Services related to Broadcasting growth drops to 4.3% YoY from 15.6%.
v.Electricity, Gas, Water Supply & Other Utility Services grow at 10.1% YoY from 6%.
vi.Construction records significant growth at 13.3% YoY compared to 5.7%.
The next release of quarterly GDP estimates for the quarter October-December, 2023 (Q3FY24) will be on February 29, 2024.
SBI’s Research Ecowrap raises India’s FY24 GDP forecast to 7% from 6.7%
The State Bank of India (SBI) through its Research ‘Ecowrap‘ report has raised its forecast for India’s GDP growth for FY24 to 7% from 6.7%, citing robust Q2FY24 growth at 7.6%, driven by a 13.9% surge in manufacturing and a 13.3% rise in construction.
Key Points:
i.Nominal GDP in Q2FY24 grew by 9.1%, with Gross Value Added (GVA) also seeing a parallel increase of 7.4%.
ii.The industry sector soared to 13.2%, marking a 9-quarters high, while services grew by 5.8%, affected by specific segments.
iii.Government initiatives, especially Production-Linked Incentive (PLI) schemes, played a significant role in this positive trend.
iv.The agriculture, saw a modest growth of 1.2% in Q2, marking an 18-quarter low.
v.Also, the services sector registered a 5.8% growth due to a 10-quarters low growth of 4.3% in specific segments.
Recent Related News:
i.As per the data released by NSO, India’s GDP grew one year high to 7.8% in the April-June quarter of 2023-2024 (Q1FY24), compared to a growth of 6.1% in the January-March quarter of FY23 (Q4FY23).
ii.According to World Economic Outlook (WEO), October 2023 -Navigating Global Divergences‘ the International Monetary Fund (IMF) has raised India’s Gross Domestic Product (GDP) growth forecast to 6.3% in 2023 from July 2023 estimate of 6.1% due to 7.8% growth during the June quarter.
About the Ministry of Statistics and Programme Implementation (MoSPI):
MoSPI is the nodal agency for the planned and organized development of the statistical system in India.
Ministers of State (Independent Charge) – Rao Inderjit Singh (Gurugram Constituency – Haryana)
