The National Statistics Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), has released the First Advance Estimates of the Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25. As per the NSO, the Real GDP for FY 2024-25 is projected to grow by 6.4 percent, marking a moderation compared to the robust 8.2 percent growth recorded in the Provisional Estimates for FY 2023-24. At Current Prices, Nominal GDP is estimated to achieve a growth rate of 9.7 percent, slightly higher than the 9.6 percent observed in the previous fiscal year. Real GVA is also anticipated to grow by 6.4 percent in FY 2024-25, compared to 7.2 percent in FY 2023-24, while Nominal GVA is expected to rise by 9.3 percent, reflecting a steady expansion from the 8.5 percent growth recorded in FY 2023-24.
Sectoral trends indicate varied performances across different segments of the economy. The Agriculture and Allied Activities sector is expected to witness a significant recovery, with Real GVA growth projected at 3.8 percent in FY 2024-25, compared to the modest growth of 1.4 percent in the preceding year. The Construction sector is forecasted to maintain its strong trajectory, achieving a robust growth rate of 8.6 percent. Similarly, the Financial, Real Estate, and Professional Services sector is estimated to grow by 7.3 percent, reflecting continued strength in services.
On the expenditure front, Private Final Consumption Expenditure (PFCE) at Constant Prices is estimated to grow by 7.3 percent, a substantial improvement from the 4.0 percent growth recorded in FY 2023-24. Government Final Consumption Expenditure (GFCE) is also expected to rebound, with growth accelerating to 4.1 percent in FY 2024-25, compared to 2.5 percent in the previous year. These trends indicate a strengthening of both private and public consumption demand, contributing to the overall economic momentum.
Real GDP at Constant Prices is projected to reach Rs 184.88 lakh crore in FY 2024-25, up from Rs 173.82 lakh crore in FY 2023-24, reflecting a growth rate of 6.4 percent. At Current Prices, Nominal GDP is expected to attain Rs 324.11 lakh crore, compared to Rs 295.36 lakh crore in the preceding year, marking a growth rate of 9.7 percent. Similarly, Real GVA is estimated at Rs 168.91 lakh crore in FY 2024-25, up from Rs 158.74 lakh crore in FY 2023-24, indicating a growth rate of 6.4 percent. Nominal GVA is projected to rise to Rs 292.64 lakh crore from Rs 267.62 lakh crore, registering a growth rate of 9.3 percent.
Overall, the estimates underscore a steady economic expansion, albeit at a moderated pace compared to the previous fiscal year. While the growth rates in Real GDP and GVA have softened, the continued strength in Nominal GDP and GVA reflects resilience in economic fundamentals. The recovery in agriculture, coupled with strong performances in construction and services, highlights the diverse contributions of different sectors to the economy. Meanwhile, the rebound in private and public consumption expenditure further supports the growth trajectory.
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