GDP boost! Indian economy grows 7.8% in Q4, 8.2% in fiscal FY24
ADVERTISEMENT
Beating the market expectations, India's gross domestic product (GDP) recorded 7.8% growth in the January-March quarter of FY2023-24, according to the latest data shared by the Ministry of Statistics & Programme Implementation (MoSPI).
The provisional estimates of the full fiscal year show the real GDP has been estimated to grow by 8.2% in FY2023-24 as compared to the growth rate of 7.0% in FY 2022-23, the government says.
"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," the ministry says.
July 2025
In the world’s youngest nation—where over 65% of the population is under 35—India’s future is already being shaped by those bold enough to lead it. From boardrooms to breakout ideas, a new generation of business leaders is rewriting the rules. This year's Fortune India’s 40 Under 40 celebrates these changemakers—icons in the making like Akash Ambani, Kaviya Kalanithi Maran, Shashwat Goenka, Parth Jindal, Aman Mehta, and Devansh Jain—who are not just carrying forward legacies but boldly reimagining them for a new era. Alongside them are first-generation disruptors like Sagar Daryani, scaling Wow! Momo with a vision to take ₹100 momos to 5,000 cities, and Palak Shah, turning the Banarasi weave into a global fashion story with Ekaya Banaras. These are the entrepreneurs turning ambition into scale. And even beyond traditional industry, the entrepreneurial wave is pulling in creative forces—Ranveer Singh, for instance, is shaking up wellness and nutrition with Bold Care and SuperYou, proving that passion, backed by purpose, is the new blueprint for building brands.
Here's what Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi said robust GDP numbers.
The country's real GVA (gross value added) has grown by 7.2% in 2023-24 over 6.7% in 2022-23, mainly due to significant growth of 9.9% in manufacturing sector in 2023-24 over -2.2% in 2022-23 and growth of 7.1% in 2023-24 over 1.9% in 2022-23 for mining and quarrying sector.
In Q4 FY24, the real GVA grew 6.3%. Growth rates in Nominal GVA and nominal GDP for Q4 have been estimated at 8% and 9.9% respectively.
FY24 GDP & GVA numbers
At constant prices, the real GDP is estimated to attain a level of ₹173.82 lakh crore in 2023-24 against the first revised estimates of GDP for 2022-23 of ₹160.71 lakh crore. The growth rate in real GDP during 2023-24 is estimated at 8.2% vs 7% in 2022-23. At current prices, the nominal GDP stood at ₹295.36 lakh crore in 2023-24 vs ₹269.50 lakh crore in 2022-23, up 9.6%.
The real GVA is estimated at ₹158.74 lakh crore in 2023-24 vs the first revised estimates for 2022-23 of ₹148.05 lakh crore, up 7.2% compared to 6.7% in 2022-23. The nominal GVA is estimated at ₹267.62 lakh crore in FY 2023-24 vs ₹246.59 lakh crore in 2022-23, up 8.5%.
Q4 FY24 GDP & GVA numbers
The Centre says the GDP at constant prices in Q4 of 2023-24 is at ₹47.24 lakh crore against ₹43.84 lakh crore in the year-ago period, up 7.8%. The nominal GDP at current prices in Q4 is at ₹78.28 lakh crore, against ₹71.23 lakh crore in the year-ago period, up 9.9%.
The real GVA in Q4 is ₹42.23 lakh crore, against ₹39.74 lakh crore in Q4 of 2022-23, up 6.3%. The nominal GVA in Q4 is ₹70.97 lakh crore, against ₹65.74 lakh crore in the year-ago period, a growth rate of 8%.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.