A view of India's Commercial Capital Mumbai
New Delhi: India’s Real Gross Domestic Product (GDP) is estimated to grow by 6.7% in the first quarter (Q1) of the Financial Year (FY) 2024-25, according to the estimates released today by the National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation.
India’s Real Gross Value Added (GVA) observed a growth rate of 6.8% in Q1 of FY 2024-25.
The Secondary Sector also witnessed a significant 8.4% growth in Q1 of FY 2024-25, as compared to the growth rate of 5.9% in the Q1 of previous financial year.
Following are the key highlights of the report released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), Quarterly Estimates of Gross Domestic Product (GDP) for the April-June Quarter (Q1) of the Financial Year (FY) 2024-25 along with its expenditure components both at Constant (2011-12) and Current Prices. Real GDP has been estimated to grow by 6.7% in Q1 of FY 2024-25 over the growth rate of 8.2% in Q1 of FY 2023-24:
- Nominal GDP has witnessed a growth rate of 9.7% in Q1 of FY 2024-25 as compared to the growth rate of 8.5% in Q1 of FY 2023-24.
- Real GVA has grown by 6.8% in Q1 of FY 2024-25 over the growth rate of 8.3% in Q1 of the previous financial year. This GVA growth in the Q1 of FY 2024-25 has been driven by significant growth in the Secondary Sector (8.4%), comprising of Construction (10.5%), Electricity, Gas, Water Supply & Other Utility Services (10.4%) and Manufacturing (7.0%) sectors.
- Growth rate in Nominal GVA for Q1 of FY 2024-25 have been estimated at 9.8% over 8.2% growth rate in Q1 of FY 2023-24.
- Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF), at Constant Prices, have witnessed growth rates of 7.4% and 7.5% respectively in Q1 of FY 2024-25.
- Net Taxes, at Current Prices, has observed the growth rate of 8.0 % in Q1 of FY 2024-25 resulting in 0.1% point gap between the growth rates of GVA and GDP.
Quarterly Estimates and Growth Rates
Real GDP or GDP at Constant Prices in Q1 of 2024-25 is estimated at ₹43.64 lakh crore, against ₹40.91 lakh crore in Q1 of 2023-24, showing a growth rate of 6.7%. Nominal GDP or GDP at Current Prices in Q1 of 2024-25 is estimated at ₹77.31 lakh crore, against ₹70.50 lakh crore in Q1 of 2023-24, showing a growth rate of 9.7%.
Real GVA in Q1 of 2024-25 is estimated at ₹40.73 lakh crore, against ₹38.12 lakh crore in Q1 of 2023-24, showing a growth rate of 6.8%. Nominal GVA in Q1 of 2024-25 is estimated at ₹70.25 lakh crore, against ₹63.96 lakh crore in Q1 of 2023-24, showing a growth rate of 9.8%.
Fig. 1: Quarterly GDP and GVA Estimates along with Y-o-Y Growth Rates from Q1 FY 2021-22 to Q1 FY 2024-25 at Constant Prices
Fig. 2: Sectoral Composition and Growth Rates of Quarterly GVA
;”>Sectoral Composition of Nominal GVA in Q1 of FY 2024-25
;”>
;”>Fig. 3: Composition and Growth Rates of Quarterly GVA in Broad Sectors
[Primary Sector: Agriculture, Livestock, Forestry & Fishing and Mining & Quarrying
Secondary Sector: Manufacturing, Electricity, Gas, Water supply & Other Utility Services and Construction
;”>Tertiary Sector: Trade, Hotels, Transport, Communication and Services related to Broadcasting, Financial, Real Estate & Professional Services and Public Administration, Defence & Other Services]
– global bihari bureau
Image by Jensie De Gheest from Pixabay
