India’s GDP growth for the April-June quarter of the 2023-24 financial year has reached 7.8%, and in the July-September quarter, it grew by 7.6%, making it the fastest-growing major economy in the world. According to data from the Ministry of Statistics and Programme Implementation, the real GDP at Constant (2011-12) Prices in Q2 2023-24 is estimated to reach Rs 41.74 lakh crore, showing a growth of 7.6% compared to 6.2% in the same quarter of the previous year.
The Reserve Bank of India (RBI) had previously projected real GDP growth for 2023-24 at 6.5%, with Q2 at 6.5%; Q3 at 6.0%; and Q4 at 5.7%. Concerns were expressed about rising inflation and its potential impact on the growth outlook in the last monetary policy meeting.
A recent survey by the Federation of Indian Chambers of Commerce and Industry (FICCI) projected that the Indian economy is expected to grow by 6.3% in 2023-24. The International Monetary Fund (IMF) also raised its GDP growth forecast for India for the financial year 2023-24 to 6.3%, attributing the increase to stronger-than-expected consumption during April-June.
The IMF has made several upward revisions to its growth forecast for India, raising it from 5.9% in April and 6.1% in July to the current 6.3%, bringing it closer to the 6.5% predicted by Indian authorities. For 2024-25, the IMF has pegged India’s GDP growth at 6.3%, unchanged from its previous projections.
In addition, the Index of Eight Core Industries (ICI) saw a provisional increase of 12.1% in October 2023 compared to the same month in 2022. All eight core industries, including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel, recorded positive growth in October 2023 compared to the previous year, according to the Union Ministry of Commerce and Industry.
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