Skip to content
Breaking News

Breaking News

  • Home
  • World
  • Business
  • Health
  • Entertainment
  • Life Style
  • Sports
  • Toggle search form

Govt Pegs India’s GDP Growth At 6.4 Per Cent For 2024-25; Agriculture Bounces Back, Services Surge

Posted on January 7, 2025 By Admin No Comments on Govt Pegs India’s GDP Growth At 6.4 Per Cent For 2024-25; Agriculture Bounces Back, Services Surge


New Delhi: India’s Gross Domestic Product (GDP) is projected to grow at 6.4 per cent in the financial year 2024-25 down from 8.2 per cent growth recorded in 2023-24, according to the first advance estimates released by the Ministry of Statistics on Tuesday. 

The projection is lower than the recent RBI’s estimate of 6.6 per cent for the current fiscal year but India still remains the fastest-growing major economy in the world with China’s growth rate slipping to below 5 per cent.

The agriculture, construction and services sectors have emerged as the bright spots, recording an acceleration in the rate of growth compared to the previous year, the figures show.

Agriculture and allied sectors are estimated to grow by 3.8 per cent during 2024-25 as compared to the growth of 1.4 per cent witnessed during the last year. The construction sector and financial, real estate, and professional services sectors are estimated to observe good growth rates of 8.6 per cent and 7.3 per cent, respectively.

There has also been a pick up in the private final consumption expenditure, which has witnessed a growth rate of 7.3 per cent during this fiscal over the growth rate of 4 per cent in the previous year, according to the official statement.

The Government’s final consumption expenditure has rebounded to a growth rate of 4.1 per cent as compared to the growth rate of 2.5 per cent in the previous financial year, adding to the overall demand in the economy, the figures show.

Releasing the first advance estimates of national income for 2024-25, the NSO said, “Real GDP has been estimated to grow by 6.4 per cent in FY2024-25 as compared to the growth rate of 8.2 per cent in Provisional Estimate (PE) of GDP for FY2023-24”.

The figures have been released ahead of the Union Budget 2024-25, underscoring the need to spur growth with continued investments in large infrastructure projects and focus on maintaining the momentum in the agriculture sector.

India’s economy clocked a GDP growth rate of 5.4 per cent for the second quarter (July-September) of the current financial year which was a marked slowdown over the previous quarter.

The unexpected slowdown in the second quarter prompted the Reserve Bank of India (RBI) to lower its estimate for the growth forecast to 6.6 per cent, from the earlier projection of 7.2 per cent.



Source link

Business Tags:Agriculture, GDP, Indian Economy, RBI, Union Budget 2024-25

Post navigation

Previous Post: Do you know how much Neelam Munir’s husband earns? | The Express Tribune
Next Post: HMPV vs COVID-19: Key differences to watch out for

More Related Articles

Pakistan receives first installment of $1.2bn from IMF: Dar – SUCH TV Business
Full list of Wilko stores at risk of closure as firm files for administration Business
Finance minister assures commitment to IMF agreement – SUCH TV Business
Unimech Aerospace IPO Day 1: Check Subscription Status, GMP Today – News18 Business
How To Make UPI Payments Through IDFC First Bank Rupay Credit Card – News18 Business
Gold price per tola increases Rs900 in Pakistan – SUCH TV Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Ryanair to increase oversized bag bonus
  • Man receives world’s first pig lung transplant in groundbreaking medical procedure
  • India cricket ends $43.6m sponsorship after online gambling ban: report
  • Morgan Wallen joins artists pushing back on Grammys
  • Zara Noor Abbas, Zahid Ahmed bring grace and grit to Dil Dhoondta Hai Phir Wohi | The Express Tribune

Categories

  • Business
  • Entertainment
  • Health
  • Life Style
  • Sports
  • World

Copyright © 2025 Breaking News.

Powered by PressBook Blog WordPress theme