India's GDP Growth Projected at 6.4% for 2024-25
Agriculture and allied sectors are estimated to grow by 3.8% in 2024-25, up from 1.4% in 2023-24. The construction sector and financial, real estate, and professional services sectors are also showing promising growth trends.
India GdpEconomic GrowthAgricultureConstructionFinancial ServicesReal Estate NewsJan 07, 2025
This growth rate is a bit lower than the 8.2% recorded in 2023-24 but still positions India as the fastest-growing major economy globally, with China’s growth rate expected to fall below 5%.
Several sectors are showing significant improvements compared to the previous year.
The agriculture and allied sectors are estimated to grow by 3.8% in 2024-25, a notable increase from the 1.4% recorded in 2023-24.
This upswing in agricultural performance is a positive sign for the economy, given the sector's importance in providing livelihoods to a large portion of the population.
The construction sector is also performing well, with a projected growth rate of 8.6% for 2024-25.
This growth is crucial for creating jobs and driving overall economic development.
Additionally, the financial, real estate, and professional services sectors are expected to grow by 7.3%, contributing significantly to the economic momentum.
Private final consumption expenditure has seen a robust increase, rising by 7.3% during the fiscal year, up from 4% in the previous year.
The government’s final consumption expenditure has also grown at a rate of 4.1% compared to 2.5% in the previous fiscal year, which helps to boost overall economic demand.
Releasing the first advance estimates for 2024-25, the National Statistical Office (NSO) stated, “Real GDP has been estimated to grow by 6.4% in FY2024-25 as compared to the growth rate of 8.2% in Provisional Estimate (PE) of GDP for FY2023-24.” These estimates come ahead of the Union Budget 2024-25 and highlight the importance of continued investments in infrastructure projects and a sustained focus on agriculture.
India’s economy grew at a rate of 5.4% in the second quarter (July-September) of 2023-24, showing a slowdown compared to the previous quarter.
This prompted the Reserve Bank of India (RBI) to revise its annual growth projection for the year to 6.6%, down from 7.2%.
The Ministry of Statistics and Program Implementation (MoSPI) plays a crucial role in providing reliable and timely economic data.
MoSPI is responsible for conducting various statistical surveys and compiling economic data to inform policy decisions and track the progress of economic indicators.
Despite the slight downturn in growth projections, the overall economic outlook remains positive.
The government’s focus on infrastructure development, agricultural support, and enhancing the services sector is expected to drive sustainable growth in the coming years.
The private sector’s increased consumption and the government’s higher spending are key factors contributing to the economic demand, ensuring a balanced and inclusive growth trajectory.
In summary, while the growth rate for 2024-25 is projected to be 6.4%, the economy is on a steady path of development, driven by strong performances in agriculture, construction, and services.
Continued government and private sector investments will be crucial to maintaining this momentum and achieving the desired economic outcomes.
Frequently Asked Questions
What is the projected GDP growth rate for India in 2024-25?
The projected GDP growth rate for India in 2024-25 is 6.4%.
How does this compare to the previous year's growth rate?
This is a decrease from the 8.2% growth rate recorded in 2023-24.
Which sector is expected to show the highest growth in 2024-25?
The construction sector is expected to show the highest growth, projected at 8.6%.
What is the growth projection for agriculture and allied sectors?
Agriculture and allied sectors are projected to grow by 3.8% in 2024-25.
How does private final consumption expenditure compare to the previous year?
Private final consumption expenditure has increased by 7.3% in 2024-25, up from 4% in the previous year.
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