1. Home
  2. Blog
  3. GS Paper 3
  4. Economy

GDP growth surges to 8.2% on manufacturing gains

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.

Get free UPSC Updates straight to your inbox!

Get Updates on New Notification about APPSC, TSPSC and UPSC

Get Current Affairs Updates Directly into your Inbox

Discover more from AMIGOS IAS

Subscribe now to keep reading and get access to the full archive.

Continue reading