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The gross domestic product (GDP) estimates for financial year 2024-25 (FY25) have been maintained at 6.4 per cent, the Ministry of Statistics said on Tuesday. This is significantly lower than the 8.2 per cent GDP growth witnessed in the previous financial year 2023-24. Despite a dull first half of FY25, the ministry expected an uptick in agricultural and industrial activity, along with resilient rural demand in the second half to keep India on a growth path towards achieving 6.4-6.8 per cent expansion by the end of the financial year.
"Real GDP has been estimated to grow by 6.4 per cent in FY 2024-25 as compared to the growth rate of 8.2 per cent in Provisional Estimate (PE) of GDP for FY 2023-24. Nominal GDP has witnessed a growth rate of 9.7 per cent in FY 2024-25 over the growth rate of 9.6 per cent in FY 2023-24," Ministry of Statistics and Programme Implementation said in its official release.
Improvement in agriculture
The agriculture and allied sector has shown a significant improvement, with Real GVA growth estimated at 3.8 per cent in FY25, a marked increase from the previous year's 1.4 per cent.
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Construction and service sectors
The construction sector and the financial, real estate and professional services sector are also expected to experience strong growth. The construction sector's Real GVA is projected to rise by 8.6 per cent.
Similarly, the financial, real estate and professional services sector is expected to grow by 7.3 per cent, indicating a strong performance in finance, real estate development, and business services.
Growth in private consumption
Turning to expenditure patterns, Private Final Consumption Expenditure (PFCE) at constant prices has experienced a growth of 7.3 per cent in FY25, a significant increase compared to the 4 per cent growth in the previous year.
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