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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The report also noted that India is among the countries that rolled out national strategies or frameworks
on sustainable finance, underscoring a trend towards a growing commitment to adopt a systematic
approach to policymaking in this area. India along with Bangladesh, China, Singapore, and Thailand
released policies to support the banking industry in integrating sustainable development considerations
into operations, covering sustainable deposits, sustainable loans and green credits, the report highlighted.

7. Indian Economy

India’s economic growth

National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released
the Provisional Estimates of Annual Gross Domestic Product (GDP) for the Financial Year 2023-24 and
Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24 on 31st May, 2024.

The key highlights pertaining to annual estimates are as below: -

• Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7.0%
in FY 2022-23.

• Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY
2022-23.

Figure 10: Annual GDP estimates (in lakh crores) and Growth rates (%)

Source- NSO

• Real GVA has grown by 7.2% in 2023-24 over 6.7% in 2022-23. This GVA growth has been mainly due
to significant growth of 9.9% in Manufacturing sector in 2023-24 over -2.2% in 2022-23 and growth
of 7.1% in 2023-24 over 1.9% in 2022-23 for Mining & Quarrying sector.

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