The National Statistics Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), has published the GDP growth data for the second quarter of the financial year 2024-25 and provided projections for the entire fiscal year.
Key Factors:
- The Real GDP for the financial year 2024-25 is projected to expand by 6.5 percent, while the Nominal GDP is expected to grow at 9.9 percent. These figures reflect an upward revision from the initial estimates.
- According to the First Revised Estimates, Real GDP witnessed a robust growth of 9.2 percent in the financial year 2023-24—the highest in the past 12 years, barring 2021-22, which saw post-pandemic recovery. This growth was significantly driven by double-digit expansions in the Manufacturing (12.3 percent), Construction (10.4 percent), and Financial, Real Estate & Professional Services (10.3 percent) sectors.
- The Final Estimates indicate that Real GDP grew by 7.6 percent in FY 2022-23, supported primarily by high growth in Trade, Hotels, Transport, Communication & Broadcasting Services (12.3 percent), Financial, Real Estate & Professional Services (10.8 percent), and Electricity, Gas, Water Supply & Other Utilities (10.8 percent).
- Real GDP for the third quarter (Q3) of FY 2024-25 is estimated to have expanded by 6.2 percent, while the Nominal GDP for the same quarter is projected to have grown by 9.9 percent.
- The Real GDP growth for the second quarter (Q2) of FY 2024-25 has been revised upwards to 5.6 percent.
- Sector-wise, Construction is anticipated to grow at 8.6 percent, followed by Financial, Real Estate & Professional Services (7.2 percent), and Trade, Hotels, Transport, Communication & Broadcasting Services (6.4 percent) in FY 2024-25.
- Private Final Consumption Expenditure (PFCE) is forecasted to increase by 7.6 percent in FY 2024-25, a notable improvement from 5.6 percent in the previous fiscal year.
Annual GDP
The Real GDP (GDP at Constant Prices) is projected to reach ₹187.95 lakh crore in FY 2024-25, up from ₹176.51 lakh crore in FY 2023-24, reflecting a growth of 6.5 percent. Meanwhile, Nominal GDP (GDP at Current Prices) is anticipated to be ₹331.03 lakh crore in FY 2024-25, compared to ₹301.23 lakh crore in FY 2023-24, registering a growth of 9.9 percent.
The Real Gross Value Added (GVA) is expected to be ₹171.80 lakh crore in FY 2024-25, compared to ₹161.51 lakh crore in FY 2023-24, reflecting a 6.4 percent increase. Similarly, Nominal GVA is projected at ₹300.15 lakh crore in FY 2024-25, up from ₹274.13 lakh crore in FY 2023-24, indicating a 9.5 percent growth.
Quarterly GDP
For Q3 of FY 2024-25, Real GDP (at Constant Prices) is estimated at ₹47.17 lakh crore, compared to ₹44.44 lakh crore in Q3 of FY 2023-24, reflecting a growth rate of 6.2 percent. The Nominal GDP (at Current Prices) is expected to be ₹84.74 lakh crore, compared to ₹77.10 lakh crore in Q3 of FY 2023-24, marking a 9.9 percent increase.
Real GVA for Q3 of FY 2024-25 is estimated at ₹43.13 lakh crore, compared to ₹40.60 lakh crore in the corresponding quarter of the previous year, registering a 6.2 percent growth. Similarly, Nominal GVA is projected at ₹77.06 lakh crore, compared to ₹69.90 lakh crore in Q3 of FY 2023-24, reflecting a 10.2 percent increase.
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