New Delhi, May 30 (H.S): India's economy recorded a real GDP growth of 6.5% for FY 2024-25, according to provisional estimates from the Ministry of Statistics and Programme Implementation (MoSPI). The January-March quarter exhibited a notable 7.4% increase, indicating ongoing recovery. Despite this quarterly growth, the annual figure represented a four-year low, down from 9.2% in 2023-24, which marked India as the fastest-growing major economy. Nominal GDP rose by 9.8% to ₹330.68 lakh crore, with real GDP reaching ₹187.97 lakh crore. The last quarter saw nominal GDP jump 10.8% to ₹88.18 lakh crore.

Key growth sectors included construction (9.4%), public administration and services (8.9%), and financial and real estate services (7.2%). Q4 construction growth accelerated to 10.8%. Private final consumption expenditure grew by 7.2%, while gross fixed capital formation increased by 7.1% for the year and 9.4% in Q4. The primary sector grew by 4.4%, with Q4 growth rising sharply to 5%. Real gross value added (GVA) grew 6.4% to ₹171.87 lakh crore, with nominal GVA at ₹300.22 lakh crore, a 9.5% increase. The estimates were based on various data, including industrial production and tax collections. The Reserve Bank of India projected GDP growth at 6.6% for FY25, forecasting 7.2% for Q4. The Modi government expressed ambitions for India to become the fourth-largest economy by overtaking Japan by 2025-26. The next GDP update is set for August 29.

Hindusthan Samachar / Jun Sarkar