India’s GDP growth rate jumps to 7.8% in Q4; FY24 growth at 8.2% | Economy & Policy News


India’s Gross Domestic Product (GDP) growth rate in the quarter ending March 31, 2024 was 7.8 per cent, according to the data released by the National Statistical Office (NSO) of Ministry of Statistics and Programme Implementation (MoSPI), on Friday.


This is surpassed the Reserve Bank of India’s (RBI) estimate of 6.9 per cent, according to GDP projections made by the central bank in its last monetary policy review.


RBI forecasts on India’s economic growth


During the Monetary Policy Committee (MPC) in April, the RBI kept its prediction for GDP growth in FY25 unchanged at 7 per cent. Quarter-wise, the central bank set a GDP growth target at 7.1 per cent, compared to 7.2 per cent earlier, for Q1FY25. For Q2FY25, GDP growth target was fixed at 6.9 per cent, from 6.8 per cent. For Q3 and Q4, RBI forecasts 7 per cent GDP growth in both Q3 and Q4.


RBI Governor Shaktikanta Das said that the global economic situation appeared resilient and global trade was expected to grow. Das said that despite inflation slowly moving closer to targets around the world, the last mile of tackling inflation was proving to be difficult.


Das further warned that the worsening debt situation in a few advanced economies may spill over to India as well.


At the time, the governor also announced that India’s foreign exchange reserves had hit an all-time high at $645.6 billion, as of March 29.

 


Eight core industries record 6.2 per cent growth in April


Earlier, the combined Index of eight core industries (ICI) recorded a provisional growth of 6.2 per cent in April 2024 compared to April 2023, according to data released by the Ministry of Commerce & Industry. This positive trend reflects increases in the production of key industries including electricity, natural gas, coal, steel, refinery products, crude oil, and cement.

First Published: May 31 2024 | 5:34 PM IST


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