Advance Estimates Peg GDP Growth During 2023-24 At 7.3%

India posted faster-than-expected economic growth of 7.6 per cent year-on-year in the September quarter, after growing 7.8 per cent in the previous quarter, which prompted many private economists to upwardly revise their yearly estimates.

India's economy is expected to grow 7.3 per cent in the current fiscal year ending in March, the highest rate of the major global economies, helped by state spending and a pickup in manufacturing, the National Statistics Office said on Friday.

The first advance estimates of annual gross domestic product come after the Reserve Bank of India (RBI) raised its growth forecast last month to 7% from an earlier estimate of 6.5 per cent.

"These are early projections for 2023/24," the National Statistical Office(NSO) said in a statement, noting that improved data coverage, actual tax receipts and spending on state subsidies would have a bearing on subsequent revisions.