New Delhi: India’s real Gross Domestic Product (GDP) is estimated to grow by 5.4% in the July-September quarter (Q2) of FY 2024-25 over the growth rate of 8.1% in Q2 of FY 2023-24, according to the data released by the National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), today.
Real GDP or GDP at Constant Prices in Q2 of 2024-25 is estimated at ₹44.10 lakh crore, against ₹41.86 lakh crore in Q2 of 2023-24, showing a growth rate of 5.4%. Nominal GDP or GDP at Current Prices in Q2 of 2024-25 is estimated at ₹76.60 lakh crore, against ₹70.90 lakh crore in Q2 of 2023-24, showing a growth rate of 8.0%.
Despite sluggish growth observed in Manufacturing (2.2%) and Mining & Quarrying (-0.1%) sectors in Q2 of the Financial Year (FY) 2024-25, real Gross Value Added (GVA) in H1 (April-September) has recorded a growth rate of 6.2%.
Real GVA in Q2 of 2024-25 is estimated at ₹40.58 lakh crore, against ₹38.42 lakh crore in Q2 of 2023-24, showing a growth rate of 5.6%. Nominal GVA in Q2 of 2024-25 is estimated at ₹69.54 lakh crore, against ₹64.35 lakh crore in Q2 of 2023-24, showing a growth rate of 8.1%.
The agriculture and allied sector has bounced back by registering a growth rate of 3.5% in Q2 of FY 2024-25 after sub-optimal growth rates ranging from 0.4% to 2.0%, observed during the previous four quarters.
In the construction sector, sustained domestic consumption of finished steel has resulted in 7.7% and 9.1% growth rates respectively in Q2 and H1 of FY 2024-25.
Tertiary sector has observed a growth rate of 7.1% in Q2 of FY 2024-25, as compared to the growth rate of 6.0% in Q2 of the previous financial year. In particular, Trade, Hotels, Transport, Communication & Services related to Broadcasting has seen a growth rate of 6.0% in Q2 of FY 2024-25 over the growth rate of 4.5% in Q2, 2023-24.
Private Final Consumption Expenditure (PFCE) has witnessed a growth rate of 6.0% and 6.7% respectively in Q2 and H1 of the FY 2024-25 over the growth rate of 2.6% and 4.0% in Q2 and H1 of the previous financial year.
Government Final Consumption Expenditure (GFCE) has rebounded to a growth rate of 4.4% after observing either negative or low growth rates in the previous three quarters.
Quarterly Estimates of GDP are indicator-based and compiled using the benchmark-indicator method i.e. the estimates available for the same quarter of the previous financial year (2023-24) are extrapolated using the relevant indicators reflecting the performance of sectors. Data sourced from various Ministries/Departments/Private Agencies serve as valuable inputs in the compilation of these estimates.
The sector-wise estimates have been compiled using indicators/data sources viz. (i) Index of Industrial Production (IIP), (ii) Financial performance of Listed Companies in the Private Corporate sector based on available quarterly financial results of these companies for Q2 of 2024-25, (iii) Production Targets and First Advance Estimates of Crop Production for 2024-25, (iv) Production Targets and summer season production estimates of Major Livestock products for 2024-25; (v) Fish Production, (vi) Production/Consumption of Cement and Steel, (vii) Net Tonne Kilometres and Passenger Kilometres for Railways, (viii) Passenger and Cargo traffic handled by Civil Aviation, (ix) Cargo traffic handled at Major and Minor Sea Ports, (x) Sales of Commercial Vehicles, (xi) Bank Deposits and Credits, (xii) Accounts of Central and State Governments, etc., available for Q2 of 2024-25.
Total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue.
– global bihari bureau
