Q3 FY25 GDP grows at 6.2%; India sees ‘highest growth in 12 years’ in FY24 – top 10 data points to know

The Real GDP or GDP at Constant Prices is projected to attain ₹187.95 lakh crore throughout fiscal 12 months 2024-25. (AI picture)

India Q3 GDP data FY 2024-25: The Indian economic system noticed the Gross Domestic Product (GDP) develop at 6.2% in the third quarter of the present monetary 12 months 2024-25, with economists stating that the worst of the slowdown is over. India’s GDP for the second quarter had slowed to 5.6% elevating issues on the growth prospects of the world’s quickest rising main economic system.
Interestingly, the federal government data launched by the Ministry of Statistics and Program Implementation additionally revises the complete 12 months GDP growth figures for FY 2023-24 to the ‘highest stage in 12 years’ aside from the publish COVID 12 months which was excessive due to the bottom impact. We have a look at the top 10 data points from the GDP growth numbers:
1.(*12*)Real GDP growth(*12*) for Q3: Real GDP is projected to have expanded by 6.2% through the third quarter of FY 2024-25. The Nominal GDP in Q3 of FY 2024-25 exhibits an estimated improve of 9.9%. Following an upward revision, the actual GDP growth for the second quarter of monetary 12 months 2024-25 now stands at 5.6%.

2. Real GDP growth for FY 2024-25: The revised estimates point out an upward adjustment in India’s actual GDP growth, projected at 6.5% for FY 2024-25. Similarly, the nominal GDP growth forecast has been enhanced to 9.9% for FY 2024-25. These figures characterize an enchancment from the preliminary projections introduced in the primary advance estimates.
3. ‘Highest growth in 12 years’: According to the primary revised estimates, actual GDP expanded by 9.2% through the monetary 12 months 2023-24, marking the best growth price in the previous 12 years, barring monetary 12 months 2021-22 (the publish-covid 12 months). This strong efficiency was pushed by substantial growth throughout key sectors, with ‘Manufacturing’ attaining 12.3%, ‘Construction’ reaching 10.4%, and ‘Financial, Real Estate & Professional Services’ attaining 10.3%.

4.Per Capita Income: The Per Capita Net National Income, often known as Per Capita Income, calculated at present costs, exhibits figures of ₹1,69,145 for 2022-23 and ₹1,88,892 for 2023-24.
5. GDP growth slowdown 12 months-on-12 months: GDP growth slowed to 6.2 per cent throughout October-December quarter of the present fiscal 12 months, as in opposition to 9.5% in the identical quarter of the earlier fiscal 12 months. This is primarily attributed to underperformance in mining and manufacturing sectors, while agriculture remained the only vibrant spot. Nevertheless, in comparison to the earlier quarter’s growth of 5.6 per cent, the third quarter demonstrated an enchancment in financial exercise.
6. Real GDP for FY 25: The actual GDP or GDP at Constant Prices is projected to attain ₹187.95 lakh crore throughout fiscal 12 months 2024-25, in contrast to the primary revised estimate of ₹176.51 lakh crore for 2023-24. The nominal GDP or GDP at Current Prices is predicted to develop by 9.9%, reaching ₹331.03 lakh crore in 2024-25, up from ₹301.23 lakh crore in 2023-24.
7. Real GVA for FY 25: The actual GVA is projected to attain ₹171.80 lakh crore in 2024-25, in contrast to the primary revised estimate of ₹161.51 lakh crore for 2023-24, indicating a growth of 6.4%, which is decrease than the 8.6% growth noticed in 2023-24. The nominal GVA is predicted to obtain ₹300.15 lakh crore in FY 2024-25, in distinction to ₹274.13 lakh crore in 2023-24, demonstrating a growth price of 9.5%.
8. Quarterly Sector-wise data: The manufacturing sector’s GVA growth declined to 3.5 per cent in the third quarter, in contrast to 14 per cent in the corresponding interval final 12 months. The mining and quarrying sector skilled a slowdown, with growth lowering to 1.4 per cent from 4.7 per cent a 12 months in the past.
Construction exercise witnessed a lower in growth price to 7 per cent, down from 10 per cent in the earlier 12 months. In distinction, the agricultural sector demonstrated exceptional efficiency with a 5.6 per cent growth through the quarter, considerably increased than the 1.5 per cent growth recorded in the identical interval final 12 months.
The utility companies phase, comprising electrical energy, fuel, water provide and different companies, registered a growth of 5.1 per cent in the third quarter, exhibiting a decline from 10.1 per cent growth achieved in the corresponding interval of the earlier 12 months.
9. Important annual projections: The building sector is projected to develop by 8.6% in 2024-25. This is anticipated to be adopted by a 7.2% growth in banking, property and enterprise companies. Additionally, the commerce, hospitality, logistics, communications and broadcast-associated companies sector is predicted to develop by 6.4% throughout the identical interval.
10. Private Final Consumption Expenditure: Private Final Consumption Expenditure (PFCE) is projected to obtain a sturdy growth of seven.6% in 2024-25, exhibiting vital enchancment from the 5.6% growth recorded in 2023-24.