Synopsis
India's GDP growth reached 6.2% for Q3 2024-25, up from 5.6%. The 2024-25 growth forecast is 6.5%, with a revised 2023-24 growth of 8.2%, driven by rural consumption and government infrastructure spending.Key Takeaways
- GDP growth accelerated to 6.2% in Q3 2024-25.
- Projected GDP growth for 2024-25 is 6.5%.
- 2023-24 growth revised to 8.2%.
- Construction sector grew by 8.6%.
- PFCE expected to grow 7.6%.
New Delhi, Feb 28 (NationPress) India's GDP growth has surged to 6.2 per cent during the third quarter (October-December) of 2024-25, a notable increase from a revised 5.6 per cent in the preceding quarter. This upturn is attributed to enhanced rural consumption following favorable monsoon conditions and escalated government spending on infrastructure projects, as per data released by the Ministry of Statistics on Friday.
The GDP growth rate for the fiscal year 2024-25 is now forecasted at 6.5 per cent, while the economic growth rate for 2023-24 has been updated to a remarkable 12-year high of 8.2 per cent, according to the ministry's data.
The real GDP growth rate for Q2 of the fiscal year 2024-25 has been revised upward to 5.6 per cent.
The construction sector is projected to have achieved a growth rate of 8.6 per cent, followed by the 'financial, real estate & professional services' sector at 7.2 per cent, and the 'trade, hotels, transport, communication & services related to broadcasting' sector expanding at 6.4 per cent during 2024-25.
The Private Final Consumption Expenditure (PFCE) is anticipated to demonstrate a robust growth of 7.6 per cent in 2024-25, contrasting with the 5.6 per cent growth noted in 2023-24.
The initial revised estimates indicate that real GDP has expanded by 9.2 per cent in the financial year 2023-24, marking the highest growth in the last 12 years, excluding the post-Covid financial year 2021-22, according to official statistics.
This growth is supported by double-digit growth rates in the 'manufacturing' sector at 12.3 per cent, 'construction' sector growth at 10.4 per cent, and 'financial, real estate & professional services' sector growing at 10.3 per cent during the year, as reported by the ministry.
Similarly, final estimates reveal that real GDP grew by 7.6 per cent in the financial year 2022-23, largely driven by double-digit growth rates in the 'trade, hotels, transport, communication & services related to broadcasting' sector (at 12.3 per cent), 'financial, real estate & professional services' sector (at 10.8 per cent), and 'electricity, gas, water supply & other utility services' sector (at 10.8 per cent), according to the official statement.
