Nine states may surpass national nominal GDP growth of 10.5%: Report

Nine Indian states have made projections of growth rates higher than the 10.5 per cent forecast in 2023–24, according to a report in The Economic Times (ET). The average nominal GDP growth for the country projected by these nine states for FY24 is 14 per cent. This is well above the nominal growth rate projected in the Union budget, which was 10.5%.

The report said that experts doubt these growth projections since the country's overall growth is expected to slow down from an estimated 15.9 per cent for this financial year, as projected in the budget for FY24.

According to data available with the Ministry of Statistics and Programme Implementation (MoSPI), Uttar Pradesh, under the leadership of CM Yogi Adityanath, expects to be the top performer in the coming year, with a projected nominal growth in GDP of 19.1 per cent against 6.9 per cent real growth in FY23.

In the coming fiscal year, Assam's economy is expected to grow by 15 per cent, while Tamil Nadu's economy is expected to grow by 14 per cent. The projections for Tamil Nadu's expectations for 2022–2023 are comparable. On the other hand, Punjab expects to register a shift towards growth next year, while the state of Jharkhand is expected to maintain its growth.

The Reserve Bank of India (RBI) said in its estimates about the country's real GDP growth that India will grow at 6.4 per cent in FY24. This growth rate takes inflation into account, which is expected to hover around 5.3 per centin FY24, resulting in an effective growth of 11.7 per cent, the ET report said.