India’s GDP growth for the financial year 2024-25 will likely slow down to 6.4% as compared to 8.2% in the previous fiscal, as per the first advance estimates of GDP released by the National Statistics Office (NSO), Ministry of Statistics, and Programme Implementation.
The Real GDP or GDP at constant Prices is projected to reach Rs 184.88 lakh crore in FY 2024-25, compared to the provisional estimate of Rs 173.82 lakh crore for 2023-24.
Real GDP growth is forecast at 6.4% for 2024-25, lower than the 8.2% recorded in 2023-24. The Nominal GDP, or GDP at Current Prices, is expected to reach Rs 324.11 lakh crore in 2024-25, up from Rs 295.36 lakh crore in 2023-24, indicating a growth rate of 9.7%.
The Real GVA is anticipated to reach Rs 168.91 lakh crore in 2024-25, compared to the provisional Estimate of Rs 158.74 lakh crore for 2023-24. This shows a growth rate of 6.4%, which is lower than the 7.2% growth observed in 2023-24.
The nominal GVA is expected to reach Rs 292.64 lakh crore in FY 2024-25, an increase from Rs 267.62 lakh crore in 2023-24, demonstrating a growth rate of 9.3%.
- The Nominal GDP growth is expected at 9.7% in FY 2024-25, slightly higher than 9.6% in FY 2023-24.
- The real GVA growth forecast is 6.4% for FY 2024-25, lower than 7.2% in FY 2023-24. Meanwhile, nominal GVA growth is expected at 9.3% in FY 2024-25, up from 8.5% in FY 2023-24.
- The real GVA of the agriculture and allied sectors is projected to grow by 3.8% in 2024-25, a significant improvement from the 1.4% growth in 2023–24.
- The construction, financial, real estate, and professional services sectors demonstrate robust growth projections of 8.6% and 7.3%, respectively, for FY 2024-25.
- Private Final Consumption Expenditure at Constant Prices indicates substantial improvement. A 7.3% growth rate is forecast for FY 2024-25, compared to 4.0% the previous year.
- Government Final Consumption Expenditure at Constant Prices shows positive movement, with a projection of 4.1% growth, up from 2.5% in the previous financial year.
