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New Delhi: India\u2019s gross domestic product (GDP) is estimated to grow by 7.3 per cent in 2023-24, up from 7.2 per cent in 2022-23, according to the advance estimate released by the Ministry of Statistics on Friday.<\/p>\n
The ministry\u2019s estimate is higher than the RBI\u2019s recently revised forecast of 7 per cent, after the surprise 7.6 per cent growth seen in the July-September quarter on the back of a strong growth in the manufacturing sector.<\/p>\n
The Finance Ministry, too, has said it expects GDP growth to \u201ccomfortably\u201d exceed its forecast of 6.5 per cent.<\/p>\n
\u201cThese are early projections for 2023-24,\u201d the National Statistical Office (NSO) said in a statement, noting that improved data coverage, actual tax receipts and spending on state subsidies would have a bearing on subsequent revisions.<\/p>\n
Manufacturing, which contributes about 17 per cent of the GDP, is estimated to expand 6.5 per cent year-on-year in 2023-24, compared to 1.3 per cent a year ago, while construction output is seen growing by 10.7 per cent, up from 10 per cent seen in the previous year, according to the latest data.<\/p>\n
However, the growth in farm output, which accounts for 15 per cent of the GDP, is seen slowing down to a mere 1.8 per cent in the current fiscal year, from 4 per cent the previous year as erratic monsoon hit crops.<\/p>\n
(IANS)\u00a0<\/strong><\/p>\n<\/p><\/div>\n