New Delhi: India’s Real GDP grew by 6.5% in the Financial Year (FY) 2024-25, reaching ₹187.97 lakh crore at constant (2011-12) prices, up from ₹176.51 lakh crore in FY 2023-24, according to Provisional Estimates released by the National Statistics Office (NSO), Ministry of Statistics and Programme Implementation, on May 30, 2025.
The Quarterly Estimates for January-March (Q4) of FY 2024-25 showed a stronger Real GDP growth of 7.4%, reaching ₹51.35 lakh crore from ₹47.82 lakh crore in Q4 of FY 2023-24. Nominal GDP at current prices rose by 9.8% to ₹330.68 lakh crore for FY 2024-25 from ₹301.23 lakh crore, and by 10.8% to ₹88.18 lakh crore in Q4 from ₹79.61 lakh crore.
Real Gross Value Added (GVA) increased by 6.4% to ₹171.87 lakh crore in FY 2024-25, while nominal GVA grew by 9.5% to ₹300.22 lakh crore. In Q4, Real GVA rose by 6.8% to ₹45.76 lakh crore, and nominal GVA increased by 9.6% to ₹79.46 lakh crore.
The construction sector led with a 9.4% growth rate for FY 2024-25 and 10.8% in Q4, followed by public administration, defence, and other services at 8.9% annually and 8.7% in Q4, and financial, real estate, and professional services at 7.2% annually and 7.8% in Q4. The primary sector, encompassing agriculture, livestock, forestry, fishing, mining, and quarrying, recorded a 4.4% growth rate for the year, up from 2.7% in FY 2023-24, and a 5.0% growth rate in Q4, compared to 0.8% in Q4 of the previous year.
Private Final Consumption Expenditure (PFCE) grew by 7.2% in FY 2024-25, up from 5.6% in FY 2023-24, while Gross Fixed Capital Formation (GFCF) recorded a 7.1% growth rate for the year and 9.4% in Q4. The estimates were compiled using the benchmark-indicator method, extrapolating FY 2023-24 data with indicators received until May 27, 2025, including the Index of Industrial Production, financial performance of listed companies, crop and livestock production estimates, coal, cement, steel, railway, air, and sea port data, commercial vehicle sales, bank deposits and credits, insurance premiums, GST collections, and government accounts. Tax revenue included non-GST and GST components, with product subsidies compiled using data on food, urea, petroleum, and nutrient-based subsidies, as well as state expenditure.
Government Final Consumption Expenditure (GFCE) was estimated using revenue expenditure, interest payments, and subsidies data from central and state governments. The NSO noted that improved data coverage and revisions by source agencies may lead to updates, with the next quarterly GDP release scheduled for August 29, 2025.
– global bihari bureau
