INDIAN ECONOMY PROJECTED TO GROW 7.6% IN FY24 LIFTED BY CONSTRUCTION, MANUFACTURING

Double-digit growth rate of the construction sector at 10.7 per cent, followed by a good growth rate of manufacturing at 8.5 per cent have boosted the GDP growth in FY 2023-24

- NIVEDITA MUKHERJEE

Propelled by strong growth in the construction and manufacturing growth in the October-December (Q3) of the current financial year (FY 2024), the Indian economy remained resilient, with the gross domestic product projecting a growth rate of 7.6 per cent in FY24 compared to growth rate of 7.0 per cent in 2022-23. The remarkable growth of 7.6 per cent in FY 2024, makes this the third consecutive year of growth of 7 per cent or above.

Double-digit growth rate of the construction sector at 10.7 per cent, followed by a good growth rate of manufacturing at 8.5 per cent have boosted the GDP growth in FY 2023-24. On the back of double-digit growth in manufacturing sector at 11.6 per cent, followed by a good growth rate of construction sector at 9.5 per cent, the real GDP grew by 8.4 per cent in Q3 of FY 2023-24. The NSO, in its advance estimate said that the Gross Value Added (GVA) in the economy is estimated to rise 6.9 per cent this year, rising from a revised estimate of 6.7 per cent GVA growth in 2022-23. The NSO had earlier pegged last year’s GVA growth at 7 per cent.