Why is it in the news?

• India’s real Gross Domestic Product (GDP) for FY24 is estimated to have grown by a faster-than-projected 8.2%, quickening from FY23’s 7% pace, the National Statistical Office (NSO) said in its provisional estimates released on May 31.

More about the news:

India’s Economic Growth Outlook:

• The National Statistical Office (NSO) released provisional estimates indicating a faster-than-expected GDP growth of 8.2% for FY24, surpassing the initial projection of 7.3%.
• Real Gross Value Added (GVA) expanded by 7.2%, attributed largely to significant growth in manufacturing and mining sectors.
• Q4 GDP and GVA growth stood at 7.8% and 6.3%, respectively, with notable contributions from government capital expenditure.
• Nominal GDP reached ₹295.36 lakh crore, reflecting a 9.6% increase over FY23.
• CareEdge Ratings’ Chief Economist expects FY25 GDP growth to hover around 7%, largely driven by government capex.