This has prompted many economists to revise their FY24 growth forecast upwards. Real GDP grew 7.2% in FY23, surpassing the government’s advance estimates as well as Reserve Bank of India’s (RBI) projection. However, this is also a moderation from the GDP growth of 9.1% seen in FY22.
In Q4, GDP growth rebounded to 6.1% year-on-year (y-o-y), after dipping to a three-quarter low of 4.5% y-o-y in Q3, led by a broad-based pick-up in consumption spending and investment (gross fixed capital formation) as well as an uptick in net exports led by a sharp decline in imports growth amid easing global commodity prices, particularly oil.
It is worth noting that gross value added (GVA) growth came in even higher at 6.5% y-o-y, led by a sharp rebound in industry and robust performance of agriculture and services sector. Difference between GDP and GVA is on account of net indirect taxes (or indirect taxes minus subsidies).
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