India’s GDP Growth Surges to 8.2% in FY24: Manufacturing and Capex as Key Drivers

India’s Gross Domestic Product (GDP) grew by a remarkable 8.2% in the 2023-24 fiscal year, according to data released by the National Statistical Office (NSO). This figure significantly exceeds the 7% growth recorded in the previous fiscal year and surpasses earlier estimates, cementing India’s position as the fastest-growing major economy in the world. The primary catalyst for this expansion was the manufacturing sector, which grew by 9.9% in FY24, a sharp recovery from the 2.2% contraction seen in the previous year. This rebound indicates the success of supply-side interventions and the Production Linked Incentive (PLI) schemes. Additionally, the construction sector maintained a high growth trajectory at 9.9%, fueled by the government’s aggressive capital expenditure (Capex) on infrastructure projects like highways and railways.