In the fiscal year 2024–2025, India’s Real Gross Domestic Product (GDP) growth is expected to fall to 6.4% from 8.2% in 2023–2024, according to government data released on Tuesday, January 7, 2025.
This represents the lowest yearly GDP growth rate since the pandemic, when it dropped to -5.8% in 2020–21.
According to data issued by the Ministry of Statistics and Programme Implementation (MoSPI)’s National Statistics Office (NSO), the real GDP is expected to reach ₹184.88 lakh crore this year, up from the provisional estimate of ₹173.82 lakh crore last year.
Additionally, the Real Gross Value Added (GVA) growth rate has decreased to 6.4% in 2024–2025 from 7.2% in 2023–2024.
Similar to the GDP, which dropped to -4.1% in 2020–21, the GVA was at its lowest point since then.
Compared to last year’s ₹158.74 lakh crore, the Real GVA is projected to be ₹168.91 lakh crore.
How is the performance of the various sectors projected to be?
According to estimates, the Real GVA of the agriculture and related sectors will increase by 3.8% in 2024–2025, up from 1.4% the year before.
However, expected growth rates for mining and quarrying dropped from 6.3% to just 2.6%.
In the meantime, industrial growth also decreased, from 8% to 6.6%.
Growth was observed in all segments of the tertiary industry.
Estimates indicate that trade, lodging, transportation, communication, and broadcasting services have expanded by 8%, as opposed to 5.2% previously. Professional, financial, and real estate services gained 10.3%, up from 9.9% previously.
Nonetheless, the GDP and GVA have both seen increases in their anticipated nominal growth rates.
Estimates of nominal GDP have increased to 9.7% this year from 9.6% last year, and estimates of nominal GVA have increased to 9.3% from 8.5% last year.
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