Business News: Key Updates on Stock Market and Major Business Developments | ABP News

In the first quarter of the fiscal year 2024-25, India’s GDP growth has slowed to 6.7%, a significant drop from 8.2% in the same period last year. This marks the lowest GDP growth rate in the past five quarters, with the Reserve Bank of India having projected a growth of 7.1%. The Ministry of Statistics and Programme Implementation (NSO) reported that the real GDP at constant prices for Q1 2024-25 stood at ₹43.64 lakh crore, compared to ₹40.91 lakh crore in the previous fiscal year. Sectoral performances showed varied results: the primary sector’s growth rate fell to 2.7% from 4.2% last year, with agriculture, livestock, forestry, and fishing seeing a decline to 2% from 3.7%. The mining and quarrying sector grew by 7.2%, slightly up from 7% the previous year. The manufacturing sector showed a strong performance with an 8.4% growth, up from 5.9%, while utilities, including electricity, gas, and water supply, experienced a notable growth of 10.4%, a significant increase from 3.2%. The construction sector also saw an improvement, growing by 10.5%, compared to 8.6% last year. Conversely, the tertiary sector's growth slowed to 7.2% from 10.7%, with specific segments such as trade, hotels, transport, and services experiencing a drop to 5.7% from 9.7%, and financial, real estate, and professional services seeing a decline to 7.1% from 12.6%. Public administration, defense, and other services, however, saw an increase to 9.5%, up from 8.3% in the previous year.