India’s economic growth rate is estimated to slip to a four-year low of 6.4 per cent in 2024-25, mainly on account of poor showing by the manufacturing and services sector, according to government data released on Tuesday.<\/p>\n
The gross domestic product (GDP) rate of 6.4 per cent will be the lowest since the Covid year (2020-21) when the country witnessed a negative growth of 5.8 per cent. It was 9.7 per cent in 2021-22; 7 per cent in 2022-23; and 8.2 per cent in the last fiscal ended March 2024.<\/p>\n
The first advance estimates of National Income for 2024-25 released by the National Statistics Office (NSO) is lower than the 6.6 per cent projected by the Reserve Bank in December 2024. It is also a tad lower than the finance ministry’s initial projection of 6.5-7 per cent.<\/p>\n
The advance estimates will be used in preparation for the Union Budget to be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on February 1.<\/p>\n
The manufacturing sector output is expected to decelerate to 5.3 per cent from a high of 9.9 per cent recorded in the previous fiscal, NSO said in the first advance estimates of National Income for 2024-25.<\/p>\n
The services sector, comprising trade, hotels, transport and communications, is estimated to expand at 5.8 per cent against 6.4 per cent in 2023-24.<\/p>\n
On the other hand, the farm sector is estimated to record a growth of 3.8 per cent in the current fiscal, up from 1.4 per cent in 2023-24.<\/p>\n
“Real GDP has been estimated to grow by 6.4 per cent in FY 2024-25 as compared to the growth rate of 8.2 per cent in Provisional Estimate (PE) of GDP for FY 2023-24,” NSO said.<\/p>\n
Nominal GDP has witnessed a growth rate of 9.7 per cent in 2024-25 over the growth rate of 9.6 per cent in 2023-24.<\/p>\n
According to the data, nominal GDP (GDP at current prices) is estimated to attain a level of Rs 324.11 lakh crore in the year 2024-25 against Rs 295.36 lakh crore in 2023-24, showing a growth rate of 9.7 per cent.<\/p>\n
The size of the economy, as per the current estimates, is USD 3.8 trillion (@ Rs 85.7\/USD) during 2024-25.<\/p>\n
Further, the nominal Gross Value Added (GVA) is estimated to attain a level of Rs 292.64 lakh crore in 2024-25 against Rs 267.62 lakh crore in 2023-24, showing a growth rate of 9.3 per cent.<\/p>\n
Private Final Consumption Expenditure (PFCE) at constant prices has witnessed a growth rate of 7.3 per cent during 2024-25 over the growth rate of 4 per cent in the previous financial year.<\/p>\n
Government Final Consumption Expenditure (GFCE) at Constant Prices has rebounded to a growth rate of 4.1 per cent compared to the growth rate of 2.5 per cent in the previous fiscal.<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n
\u200bThe Indian economy is estimated to grow at 6.4 per cent in 2024-25 against 8.2 per cent in the previous fiscal year, the National Statistical Office (NSO) said on Tuesday in its first advance estimates of national accounts.\u00a0\u00a0<\/p>","protected":false},"excerpt":{"rendered":"
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