India`s economic growth decelerated to 6.2 per cent in the third quarter of 2024-25 and the country recorded a growth of 6.2 per cent in the third quarter of the current fiscal (October-December 2024) against 9.5 per cent in the year-ago period, according to data released by the National Statistical Office (NSO) on Friday.
According to an official press release of the Ministry of Statistics & Programme Implementation, India`s economic growth decelerated to 6.2 per cent in the third quarter of 2024-25, mainly due to poor performance by the manufacturing and mining sectors.
The Indian economy recorded a growth of 6.2 per cent in the third quarter of the current fiscal (October-December 2024) against 9.5 per cent in the year-ago period, according to data released by the National Statistical Office (NSO) on Friday.
Indian economy grew at 5.6 per cent in the July-September quarter this fiscal.
The NSO, in its second advance estimate of national accounts, pegged the country`s growth at 6.5 per cent for 2024-25.
It had projected a growth of 6.4 per cent for the current fiscal in its first advance estimates released in January 2025.
The NSO also revised the GDP growth for 2023-24 to 9.2 per cent against the earlier estimate of 8.2 per cent.
Key Highlights:
– Real GDP has been estimated to grow by 6.5% in FY 2024-25. Nominal GDP is expected to witness a growth rate of 9.9% in FY 2024-25. Both the growth rates are revised upward from their respective First Advance Estimates.
– As per the First Revised Estimates, Real GDP has grown by 9.2% in the financial year 2023-24, which is highest in the previous 12 years except for the financial year 2021-22 (the post-covid year). This growth has been contributed by double-digit growth rates in ‘Manufacturing’ sector (12.3%), ‘Construction’ sector (10.4%) and ‘Financial, Real Estate & Professional Services’ sector (10.3%).
– As per the Final Estimates, Real GDP has observed a growth rate of 7.6% in the financial year 2022-23, mainly contributed by double-digit growth rates in ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (12.3%), ‘Financial, Real Estate & Professional Services’ sector (10.8%) and ‘Electricity, Gas, Water Supply & Other Utility Services’ sector (10.8%).
– Real GDP is estimated to grow by 6.2% in Q3 of FY 2024-25. Growth rate in Nominal GDP for Q3 of FY 2024-25 has been estimated at 9.9%.
– The growth rate of Real GDP for Q2 of financial year 2024-25 has been revised upward to 5.6%.
– ‘Construction’ sector is estimated to observe a growth rate of 8.6%, followed by ‘Financial, Real Estate & Professional Services’ sector (7.2%) and ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (6.4%) during 2024-25.
– Private Final Consumption Expenditure (PFCE) is expected to register a good growth of 7.6% during 2024-25 as compared to 5.6% growth observed during 2023-24.
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