GDP growth rate likely to be 6.7% in Q4, around 7% in FY24

India Ratings and Research expects the country's GDP growth rate for the March quarter at 6.7 per cent and around 6.9-7 per cent for the 2023-24 fiscal, its principal economist Sunil Kumar Sinha said.

The GDP numbers for the fourth quarter (January-March 2024) and the provisional estimates for the 2023-24 fiscal are scheduled to be released by the government on May 31.

The Indian economy grew 8.2 per cent in the June quarter, 8.1 per cent in the September quarter and 8.4 per cent in the December quarter of 2023-24.

In the first quarter, the GVA and GDP growth was 8.2 per cent, while in the second quarter, the GVA was 7.7 per cent and GDP 8.1 per cent.

GDP is the total value of goods and services produced in a given period. GVA is GDP minus net taxes (gross tax collection minus subsidy).

The Reserve Bank, in its monetary policy review in April, projected GDP growth for 2023-24 at 7 per cent.

As regards the economic growth in the current fiscal, Sinha said the GDP is expected to expand at 7.1 per cent.