This initial growth estimate from the statistics ministry exceeds the recently revised forecast of 7.0 percent by the Reserve Bank of India (RBI).
Despite the Finance Ministry's anticipation of GDP growth comfortably exceeding its 6.5 percent projection, fresh numerical forecast has been provided, particularly after the remarkable 7.6 percent growth observed in July- September 2023.
The government's initial advance estimate for the current fiscal year's GDP comes ahead of the presentation of the interim Budget for 2024-25 on February 1.
The Finance Ministry will rely on this first advance estimate while formulating its budgetary figures.
Although the Finance Ministry had initially assumed a nominal GDP growth of 10.5 percent for 2023-24, the statistics ministry's first advance estimate suggests a potential growth of only 8.9 percent in nominal terms.