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Indian Economy At a Glance (Short)
Latest Trends:
- Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7.0% in FY 2022-23. Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY 2022-23.
- Inflation has eased to a great extent that has reduced the Nominal GDP.
- Real GVA grew by 7.2% in 2023-24, up from 6.7% in 2022-23. This growth was mainly due to a significant increase in the Manufacturing sector, which grew by 9.9% in 2023-24 compared to -2.2% in 2022-23. The Mining & Quarrying sector also saw growth of 7.1% in 2023-24, up from 1.9% in 2022-23.
- The spurred growth in the manufacturing and mining sectors are due to the base effect.
- Real GVA and Real GDP are closer to each other in terms of growth. Therefore, the net product taxes and subsidies have increased proportionately.
- The tertiary sector (majorly Financial & Professional Services and Public Administration, Defence & Other Services) is the major contributor to the economy.
- The other major core industries (mining, quarrying, construction, and public utilities) need a major nudge to foster economic growth.
