According to the Economic Survey 2023-24, India's real GDP grew by an impressive 8.2% in FY24, marking the third consecutive year of growth exceeding 7%. This growth can be attributed to stable consumption demand and steadily improving investment demand, which has driven the economy forward.
New Delhi: In a remarkable display of economic resilience, India has successfully carried forward the momentum built in FY23 into FY24, despite facing numerous global and external challenges. The government's steady focus on maintaining macroeconomic stability has ensured that these challenges have minimal impact on the country's economic growth.
India's economic expansion
According to the Economic Survey 2023-24, India's real GDP grew by an impressive 8.2% in FY24, marking the third consecutive year of growth exceeding 7%. This growth can be attributed to stable consumption demand and steadily improving investment demand, which has driven the economy forward.
On the other hand, gross value added (GVA) prices grew by 7.2% in FY24 on supply side, remaining broad-based across various sectors. This indicates a robust and diversified economic expansion with multiple sectors contributing to the country's growth story.
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Furthermore, net taxes at constant (2011-12) prices grew by 19.1% in FY24, driven by reasonably strong tax growth at both central and state levels, as well as rationalization of subsidy expenditures. This has resulted in a difference between GDP and GVA growth in FY24.
India's growth story continues
The country's financial resilience and stability have set a positive tone for future growth and development, making it an attractive destination for investment and trade. As India looks to the future, its economy is well-positioned to continue growing and expanding, driven by a combination of domestic demand, investment, and policy support. With its strong foundation and forward-looking approach, India is poised to emerge as a leading player in the global economy.
