GDP growth in FY24 likely to be within striking distance of 8%: SBI report

Current Context: According to the SBI’s research report ‘Ecowrap’, India’s GDP growth for the fiscal year 2024 is expected to be close to 8%.

The economy grew 8.4% in the December quarter, surpassing expectations.
The report also mentioned that the GDP growth for the current financial year could be within striking distance of 8%.
The report further stated that the economy grew 8.4% in the third quarter of 2023-24 after exhibiting more than 8% growth in the preceding two quarters.
The buoyancy in indirect tax mop-up (32% year-on-year growth) was noted, and the gap between Gross Domestic Product (GDP) and Gross Value Added (GVA) growth widened.
For fiscal 2023-24, GDP growth is expected to increase 7.6% and GVA growth by 6.9%.
The fourth quarter GDP growth is estimated at 5.9%, which is believed to be an understatement.
Thus, it is most likely that FY24 GDP growth could be within striking distance of 8%.
The SBI report also mentioned that with the government’s efforts to ensure the quality of life for all citizens and stopping leakage of benefits through direct benefit transfer, for the first time, the per capita GDP at current prices crossed Rs 2 lakh mark in 2023-24.
In constant prices, too, per capita GDP has increased to Rs 1.24 lakh in the current fiscal.

Question:

Q.1 What is the expected GDP growth for India for the fiscal year 2024 according to the SBI’s ‘Ecowrap’ report?
a. 7%
b. 8%
c. 9%
d. 10%