Nine States May Outperform National Net GDP Growth Rate Of 10.5%: Report

Nine Indian states have projected growth rates greater than the 10.5 per cent forecast for 2023-24, according to the media report.

The average nominal GDP growth forecast for the country by these nine states for FY24 is 14 per cent. This is significantly higher than the nominal growth rate of 10.5 per cent predicted in the Union budget.

According to the report, experts question these growth forecasts because the country's overall growth is expected to slow from an estimated 15.9 per cent this fiscal year, as predicted in the FY24 budget.

According to data from the Ministry of Statistics and Programme Implementation (MoSPI), Uttar Pradesh, led by CM Yogi Adityanath, is expected to be the top performer in the coming year, with a projected nominal GDP growth of 19.1 per cent versus 6.9 per cent real growth in FY23.

Assam's economy is anticipated to grow by 15 per cent in the coming fiscal year, while Tamil Nadu's economy is expected to grow by 14 per cent. Tamil Nadu's expectations for 2022-2023 are similar in terms of projections. Punjab, on the other hand, is expected to see a shift toward growth next year, while Jharkhand is expected to continue its growth.

According to the Reserve Bank of India's (RBI) estimates for the country's real GDP growth, India will expand at 6.4 per cent in FY24. This growth rate accounts for inflation, which is anticipated to be around 5.3 per cent in FY24, resulting in an effective growth rate of 11.7 per cent, according to the media report.