Real GDP For FY2024-25 Is Projected To Grow By 6.5%: Govt Data

The data reveals that the real GDP grew by 9.2 per cent in the financial year 2023-24, marking the highest growth in the past 12 years, excluding the post-COVID year of 2021-22

The growth rate of Real GDP for Q2 of FY 2024-25 has been revised upward to 5.6 per cent

Source : ABPLIVE AI

Real GDP for FY2024-25 is estimated to grow by 6.5 per cent, while nominal GDP is projected to witness a growth rate of 9.9 per cent. Both growth rates have been revised upward from their respective first advance estimates, according to the data released by the Ministry of Statistics and Programme Implementation on Friday.

Real GDP is projected to reach Rs 187.95 lakh crore in FY 2024-25, compared to the First Revised Estimate of Rs 176.51 lakh crore for FY 2023-24. Meanwhile, Nominal GDP, or GDP at Current Prices, is expected to reach Rs 331.03 lakh crore in FY 2024-25, up from Rs 301.23 lakh crore in FY 2023-24, reflecting a growth rate of 9.9 per cent, it said.

Highest GDP Growth In 12 Years

The data reveals that the real GDP grew by 9.2 per cent in the financial year 2023-24, marking the highest growth in the past 12 years, excluding the post-COVID year of 2021-22. This growth was largely driven by double-digit increases in the 'manufacturing' sector (12.3 per cent), the construction sector (10.4 per cent), and the financial, real estate and professional services sectors (10.3 per cent).

As per the final estimates, real GDP grew by 7.6 per cent in the financial year 2022-23. This growth was primarily supported by double-digit growth in sectors such as trade, hotels, transport, communication and services related to broadcasting (12.3 per cent), financial, real estate and professional services (10.8 per cent), and electricity, gas, water supply and other utility services (10.8 per cent).

Sectorial Update

For Q3 of FY 2024-25, real GDP is estimated to grow by 6.2 per cent, while Nominal GDP growth for the same period is expected to be 9.9 per cent.

The growth rate of Real GDP for Q2 of FY 2024-25 has been revised upward to 5.6 per cent.

The 'construction' sector is estimated to grow by 8.6 per cent in FY 2024-25, followed by the financial, real estate and professional services sector at 7.2 per cent, and the Trade, Hotels, Transport, communication and services related to the broadcasting sector at 6.4 per cent.

Private Final Consumption Expenditure (PFCE) is expected to register a robust growth of 7.6 per cent in 2024-25, compared to 5.6 per cent growth observed in 2023-24.