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).
Denne historien er fra June 02, 2023-utgaven av Mint Mumbai.
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Denne historien er fra June 02, 2023-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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