GDP Data For 2023-24: The country’s economy will grow at the rate of 7.3 percent in the financial year 2023-24. The Central Statistics Office (CSO) has released the first advance estimate of annual GDP growth. According to CSO, the country’s gross domestic product (GDP) is estimated to be 7 percent in the current financial year. Before this, GDP in the financial year 2022-23 was 7.2 percent.
Releasing the advance estimate of GDP, the Central Statistics Office said that the country’s GDP could be Rs 171.79 lakh crore in 2023-24, which was Rs 160.66 lakh crore in 2022-23. This means that in the current financial year, GDP will see a growth rate of 7.3 percent, which was 7.2 percent in 2022-23. The growth rate of GDP may be higher in the current financial year as compared to last year.
Modi government on 1st February 2024 Lok Sabha Elections Before the elections, an interim budget will be made in which the vote on account will be passed. These GDP figures from the Statistics Ministry will help the government to use it as a base while presenting the interim budget. But the growth rate of agriculture sector may increase the concern of the government.
According to this advanced GDP data, the performance of the construction sector is going to be the best in 2023-24. The growth rate of construction sector is estimated to be 10.7 percent which was 10 percent last year. The performance of the manufacturing sector is also expected to be excellent. The growth rate of the manufacturing sector is estimated to be 6.5 percent, which was 1.3 percent last year. The growth rate of agriculture sector is estimated to be 1.8 percent which was 4 percent last year. Mining and quarrying will show a growth rate of 8.1 percent in 2023-24, whereas the growth rate in 2022-23 was 4.6 percent. The growth rate of electricity, gas, water supply and other utilities is estimated to be 8.3 percent whereas it was 9 percent in the previous year.
Services related to trade, hotels, transport, communication, broadcasting will grow at the rate of 6.3 percent in the current financial year, which would grow at the rate of 14 percent in 2022-23. Financial, real estate and professional services will grow at the rate of 8.9 percent compared to 7.1 percent growth in 2022-23. Public administration, defense and other services will grow at the rate of 7.7 percent whereas the growth rate in 2022-23 was 7.2 percent.
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