India GDP Data 2024: India’s economic growth rate has come down to 5.4 percent in the second quarter (July-September 2024) of the financial year 2024-25. This GDP data has been released by the Ministry of Statistics and Implementation. If we look at it in comparison to last year, it was at 8.1 percent in the second quarter of the financial year 2023-24. In this context, the economic growth rate of 5.4 percent in the second quarter of this year has disappointed.
GDP was affected due to increase in inflation rate
The GDP data has not been as expected due to the rise in retail food inflation and decline in corporate results. The Reserve Bank had also slowed down the growth estimates and the main reason behind this is the increase in inflation rate.
What was the GDP rate in the first quarter of financial year 2025?
In the first quarter of April to June in the financial year 2024-25, the GDP rate was 6.7 percent, which was the lowest GDP figure in the last five quarters. In the MPC announcements of the last Monetary Committee meeting on October 9, RBI had estimated India’s real GDP growth for FY 25 to be 7.2 percent.
What is the figure for real GVA?
Despite these figures, real GVA i.e. Gross Value Addition has achieved a growth rate of 6.2 percent in the first half of the financial year 2024-25. If we look at the data of Real Gross Value Added (GVA) in the second quarter, it has come at 5.6 percent, which is much less than 7.7 percent in the second quarter of last year. Nominal GVA growth has also decreased and was seen at 8.1 percent in the second quarter which was 9.3 percent in the same quarter last year.
The effect of slow growth in manufacturing was visible on GDP.
There was slow growth in manufacturing and it fell to 2.2 percent in the second quarter. Apart from this, it has gone negative in the mining sector. The economic growth rate of the mining sector has come to -0.1 percent.
How was the growth of agriculture sector?
The growth of the agriculture sector seems to be achieving some improvement after the last four quarters and it has managed to achieve a growth rate of 3.5 percent.
Construction Sector Report Card
Good data is being seen in the report card of the construction sector and it has increased to 7.7 percent in the second quarter.
The condition of service sector was also good
The condition of the service sector has been good in the second quarter and it has come at an impressive 7.1 percent. The 6 percent growth figure of trade, hotels and transport sector has played a good role behind this.
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