New Delhi: India’s economic growth has decelerated to 6.2% in the third quarter of 2024-25, from 9.5% of the same period in the 2023-24. financial year.
India’s Gross Domestic Product, therefore, has grown at 6.2% – a deceleration attributed largely to manufacturing and mining sector slumps.
The National Statistical Office in its second advance estimate of national accounts on February 28 finds that the country’s real GDP (or GDP at constant prices) growth will be at 6.5% for 2024-25. The NSP expects nominal GDP (or GDP at current prices) to witness a growth rate of 9.9% in FY 2024-25.
Real GDP is estimated to be Rs 187.95 lakh crore in the FY 2024-25, against the first revised estimate of GDP for FY 2023-24 of Rs 176.51 lakh crore. Nominal GDP is estimated to attain a level of Rs 331.03 lakh crore in FY 2024-25, against Rs 301.23 lakh crore in 2023-24, showing a growth rate of 9.9%, the NSO says.
Per capita income – per capita net national income at current prices is estimated at Rs 1,69,145 and Rs 1,88,892 respectively for the FYs 2022-23 and 2023-24. Per Capita private final consumption expenditure for the FYs 2022-23 and 2023-24 is estimated at Rs 1,19,516 and Rs 1,29,967 respectively.
Private final consumption expenditure (PFCE) is expected to register a growth of 7.6% during 2024-25 as compared to 5.6% growth observed during 2023-24.
The construction sector is estimated to observe a growth rate of 8.6%, followed by financial, real estate and professional services sector (7.2%) and trade, hotels, transport, communication and broadcasting services sector (6.4%) during 2024-25.
The NSO has revised GDP growth for the fiscal year of 2023-24 to 9.2% against its earlier estimate of 8.2%.
