A R DAS / NEW DELHI
India’s Gross Domestic Product (GDP) is projected to grow at 6.4 percent in the fiscal year 2024-25 According to the First Advance Estimates of the Annual Gross Domestic Product (GDP) for the current fiscal released by the National Statistical Office (NSO) of Ministry of Statistics and Programme Implementation today, Nominal GDP has witnessed a growth rate of 9.7 percent.
Despite a dull first half of FY25, the ministry expected an uptick in agricultural and industrial activity, along with resilient rural demand in the second half to keep India on a growth path towards achieving 6.4-6.8 per cent expansion by the end of the financial year.
“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. Nominal GDP has witnessed a growth rate of 9.7 per cent in FY 2024-25 over the growth rate of 9.6 per cent in FY 2023-24,” Ministry of Statistics and Programme Implementation said in its official release.
In the previous fiscal, the Provisional Estimate of GDP growth rate has been estimated at 8.2 percent while the Nominal GDP growth rate estimated at 9.6 percent.
The Ministry added that the Real Gross Value Added (GVA) has grown by 6.4 percent over the growth rate of 7.2 percent in FY 2023-24. Nominal GVA has shown a growth rate of 9.3 percent as compared to the growth rate of 8.5 percent in the previous Financial Year.
The estimates highlighted that Real GVA of Agriculture and allied sector is estimated to grow by 3.8 percent, a marked increase from the previous year’s 1.4 percent. The Construction sector and the Financial, Real estate and Professional Services sector are also expected to experience strong growth.
The Construction sector’s Real GVA is projected to rise by 8.6 percent. Similarly, the Financial, Real Estate and Professional Services sector is expected to grow by 7.3 percent.