Data Alert
FY24 GDP growth revised sharply upwards to 9.2% from 8.2%
This story was originally published at 19:54 IST on 28 February 2025
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--Govt hikes FY24 GDP growth to 9.2% from 8.2% earlier
--Govt hikes FY24 GVA growth to 8.6% from 7.2% earlier
--Govt hikes FY23 GDP growth to 7.6% from 7.0% earlier
NEW DELHI – The statistics ministry Friday raised its estimate of India's GDP growth rate in the financial year 2023-24 (Apr-Mar) by a full percentage point to 9.2%. As per the first revised estimate of GDP data for FY24, the ministry also increased the estimate of gross value added growth by an even larger margin of 140 basis points to 8.6%.
GDP growth for FY23 was also raised sharply up by 60 bps to 7.6%.
The sharp revisions in GDP data have made the forecasting exercise for the key indicator "extremely dynamic", said Madhavi Arora, chief economist at Emkay Global Financial Services. GDP growth in FY25, which the Reserve Bank of India had predicted as recently as October to be 7.2%, is now seen at 6.5%, as per the statistics ministry's second advance estimate, also released Friday. This is slightly higher than the first advance estimate of 6.4%, released in early January.
For FY23, the final real GDP is now seen 0.6% higher in absolute terms compared with the first revised estimate. Meanwhile, the first revised estimate of FY24 GDP is 1.5% higher than the provisional estimate. At 9.2%, the GDP growth rate for FY24 is only 50 bps lower than the 9.7% recorded in FY22, which was fuelled by a favourable base effect after the economy had shrunk by 5.8% in FY21 due to the coronavirus pandemic. According to Soumya Kanti Ghosh, State Bank of India's group chief economic adviser, "the upward skewness in revisions augurs well for the economic resilience".
The following table gives the latest growth rates under the current GDP series:
| YEAR | REAL GDP GROWTH RATE | NOMINAL GDP GROWTH RATE |
| 2012-13 | 5.5% | 13.8% |
| 2013-14 | 6.4% | 13.0% |
| 2014-15 | 7.4% | 11.0% |
| 2015-16 | 8.0% | 10.5% |
| 2016-17 | 8.3% | 11.8% |
| 2017-18 | 6.8% | 11.0% |
| 2018-19 | 6.5% | 10.6% |
| 2019-20 | 3.9% | 6.4% |
| 2020-21 | (-)5.8% | (-)1.2% |
| 2021-22 | 9.7% | 18.9% |
| 2022-23 | 7.6% | 14.0% |
| 2023-24 | 9.2% | 12.0% |
| 2024-25 | 6.5% | 9.9% |
End
Reported by Siddharth Upasani
Edited by Rajeev Pai
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