India's Economy Skyrockets With A 7.8% Growth In Q4

The Ministry of Statistics and Program Implementation (MoSPI) has released the latest economic growth figures for India. From January to March, the GDP growth rate was 7.8%, slightly down from 8.2% in the previous quarter. However, the overall growth for the financial year 2023-24 was solid at 8.2%. This information was provided by MoSPI on Friday, May 31.

Strong GVA Growth

According to MoSPI, the real gross value added (GVA) was 7.2% in FY24, compared to 6.7% in FY23. This growth was driven by the manufacturing and mining sectors. Manufacturing saw a growth of 9.9%, a significant recovery from a 2.2% decline in FY23. The mining sector grew from 1.9% to 7.1% on a yearly basis.

GDP Estimates for Q4

Various institutions provided their estimates for Q4 GDP growth:

Institution	GDP (%)
RBI	7.3
SBI	5.9
ICRA	6.7
EY	6.5
India Ratings	6.2
Kotak Institute	6.1

Fall in Forex Reserves

The Reserve Bank of India (RBI) reported a fall in forex reserves by 2.02 billion dollars in the last week of May, bringing the total to 646.67 billion dollars. Foreign currency assets also decreased by 1.51 billion dollars to 567.50 billion dollars during this period.

Core Sector Growth in April

Government figures released on May 31 indicate growth in all eight core sectors in April. These sectors include coal, oil, natural gas, power, refinery products, steel, cement, and fertilizers. The overall growth in these sectors was 6.2%.

Key Growth in Core Sectors

Coal production increased by 7.5%.

Electricity generation increased by 9.4%.

Steel production increased by 7.1%.

Chemical gas output increased by 8.6%.

Cement production increased by 0.6%.

Crude oil production increased by 1.6%.

Fertilizer production increased by 0.8%.

Refinery products increased by 1.5%.

Understanding GDP

Gross Domestic Product (GDP) measures all economic activities of companies, governments, and people in a country. In India, it is released by the National Statistical Office (NSO). GDP rates measure how fast the economy is growing or declining, and the figures are released quarterly.

FAQs

What was India's GDP growth rate from January to March?

The GDP growth rate for India from January to March was 7.0%.

What is the overall GDP growth rate for the financial year 2023-24?

The overall GDP growth rate for the financial year 2023-24 was 8.2%.

What was the real gross value added (GVA) growth in FY24?

The real gross value added (GVA) growth in FY24 was 7.2%.

How much did the forex reserves fall in the last week of May?

The forex reserves fell by 2.02 billion dollars in the last week of May.

Which sector saw the highest percentage growth among the core sectors in April?

Electricity generation saw the highest percentage growth among the core sectors in April, with a 9.4% increase.