India’s GDP growth for the financial year 2024-25 will likely slow down to 6.4% as compared to 8.2% in the previous fiscal, as per the first advance estimates of GDP released by the National Statistics Office (NSO), Ministry of Statistics and Programme Implementation.
The Real GDP or GDP at Constant Prices is projected to reach Rs 184.88 lakh crore in FY 2024-25, compared to the Provisional Estimate of Rs 173.82 lakh crore for 2023-24.
The Real GDP growth is forecast at 6.4% for 2024-25, lower than the 8.2% recorded in 2023-24. The Nominal GDP or GDP at Current Prices is expected to reach Rs 324.11 lakh crore in 2024-25, up from Rs 295.36 lakh crore in 2023-24, indicating a growth rate of 9.7%.
The Real GVA is anticipated to reach Rs 168.91 lakh crore in 2024-25, compared to the Provisional Estimate of Rs 158.74 lakh crore for 2023-24, showing a growth rate of 6.4%, which is lower than the 7.2% growth observed in 2023-24.
The Nominal GVA is expected to reach Rs 292.64 lakh crore in FY 2024-25, an increase from Rs 267.62 lakh crore in 2023-24, demonstrating a growth rate of 9.3%.
- The Nominal GDP growth is expected at 9.7% in FY 2024-25, slightly higher than 9.6% in FY 2023-24.
- The Real GVA growth forecast stands at 6.4% for FY 2024-25, lower than 7.2% in FY 2023-24. Meanwhile, Nominal GVA growth is expected at 9.3% in FY 2024-25, up from 8.5% in FY 2023-24.
- The Agriculture and allied sector’s Real GVA is projected to grow at 3.8% in 2024-25, showing significant improvement from 1.4% growth in 2023-24.
- The Construction sector and Financial, Real Estate & Professional Services sector demonstrate robust growth projections of 8.6% and 7.3% respectively for FY 2024-25.
- Private Final Consumption Expenditure at Constant Prices indicates substantial improvement with 7.3% growth forecast for FY 2024-25, compared to 4.0% in the previous year.
- Government Final Consumption Expenditure at Constant Prices shows positive movement with 4.1% growth projection, improving from 2.5% in the previous Financial Year.
#Indias #GDP #growth #slowed #FY25 #compared #year #Government #estimates #Times #India
