Page 4 - Policy Economic Report - March 2024
P. 4
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Executive Summary
According to S&P Global Market, annual global real GDP growth is projected at 2.6% for FY 2023-24. The
forecast for GDP reflects higher forecasts for growth in several countries, including the US, the UK, and
India. The annual global real GDP growth forecast for FY 2024-25 is unchanged at 2.6%.
Global real GDP growth on a quarter-over-quarter basis likely reached a trough of 0.4% in the final quarter
of 2023, with a pickup to 0.8% forecast by the second half of 2024. Support to economic growth is
expected from two key sources: a boost to household real incomes from lower inflation and more
accommodative financial conditions.
Figure 1: Real GDP growth (% change)
Source- S&P Global Market
In case of India, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation
(MoSPI) released in the Second Advance Estimates (SAE) of National Income, 2023-24; Quarterly Estimates
of Gross Domestic Product (GDP) for October-December quarter (Q3) of 2023-24. The key highlights are
as under: -
• Real GDP in the year 2023-24 is estimated to attain a level of ₹172.90 lakh crore, against the GDP
for the year 2022-23 of ₹160.71 lakh crore. The growth rate of GDP during 2023-24 is estimated
at 7.6 percent as compared to growth rate of 7.0 percent in 2022-23.
• NSO also made upward revisions to the GDP growth rate for the first two quarters: from 7.8
percent to 8.2 percent for April-June 2023 and from 7.6 percent to 8.1 percent for July-September
2023.
• Nominal GDP in the year 2023-24 is estimated to attain a level of ₹293.90 lakh crore, against
₹269.50 lakh crore in 2022-23, showing a growth rate of 9.1 percent.
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