New Delhi: The National Statistical Office (NSO) on Tuesday released the First Advance Estimates of Annual Gross Domestic Product (GDP) for the financial year 2024-25 and estimated the Indian economy to grow at 6.4 per cent as against 8.2 per cent in 2023-24.
Notably, the figures are lower than the recent Reserve Bank of India (RBI) estimate of 6.6 per cent for 2024-25 ending March 2025.
“Real GDP has been estimated to grow by 6.4 per cent in FY2024-25 as compared to the growth rate of 8.2 per cent in Provisional Estimate (PE) of GDP for FY2023-24,” NSO stated while releasing the first advance estimates of national income for 2024-25.
“Real GDP has been estimated to grow by 6.4% in FY 2024-25 as compared to the growth rate of 8.2% in Provisional Estimate (PE) of GDP for FY 2023-24. Nominal GDP has witnessed a growth rate of 9.7% in FY 2024-25 over the growth rate of 9.6% in FY 2023-24,” Ministry of Statistics & Programme Implementation said in its release.
The report mentioned that the real GDP or GDP at Constant Prices is projected to reach the level of Rs 184.88 lakh crore in the current financial year. The Provisional Estimate of GDP for 2023-24 was Rs 173.82 lakh crore.
“The growth rate in Real GDP during 2024-25 is estimated at 6.4% as compared to 8.2% in 2023-24. Nominal GDP or GDP at Current Prices is estimated to attain a level of Rs 324.11 lakh crore in the year 2024-25, against Rs 295.36 lakh crore in 2023-24, showing a growth rate of 9.7%,” the The National Statistical Office stated.
Sectoral Growth Analysis: Agriculture, Construction & Services
The NSO stated that Real GVA increased by 6.4 per cent in 2024-25 over the growth rate of 7.2 per cent in FY 2023-24. Nominal GVA recorded a growth rate of 9.3 per cent in 2024-25, while it was 8.5% in the previous financial year.
Real GVA of Agriculture and allied sector: The NSO estimated it to grow by 3.8 per cent during the current financial year. It was recorded a growth of 1.4 per cent in 2023-24.
Real GVA of ‘Construction’ sector and ‘Financial, Real Estate & Professional Services’ sector predicted to post growth rates of 8.6 per cent and 7.3 per cent, respectively during the FY 2024-25.
India’s National Statistical Office (NSO) has projected a 6.4% GDP growth for the financial year 2024-25, a decrease from the 8.2% recorded in 2023-24. This is slightly lower than the Reserve Bank of India’s (RBI) prediction of 6.6%. The NSO also estimated nominal GDP growth at 9.7%. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
