India’s economic growth improved to 6.2% in the third quarter of FY25, up from an initially reported 5.4% in the previous quarter. Real GDP has been estimated to grow by 6.5% in FY 2024-25. Nominal GDP is expected to witness a growth rate of 9.9% in FY 2024-25. Both the growth rates are revised upward from their respective First Advance Estimates. As per the First Revised Estimates, Real GDP has grown by 9.2% in the financial year 2023-24, which is highest in the previous 12 years except for the financial year 2021-22 (the post-covid year). This growth has been contributed by double-digit growth rates in ‘Manufacturing’ sector (12.3%), ‘Construction’ sector (10.4%) and ‘Financial, Real Estate & Professional Services’ sector (10.3%). Real GDP is estimated to grow by 6.2% in Q3 of FY 2024-25. Growth rate in Nominal GDP for Q3 of FY 2024-25 has been estimated at 9.9%. The growth rate of Real GDP for Q2 of financial year 2024-25 has been revised upward to 5.6%.
‘Construction’ sector is estimated to observe a growth rate of 8.6%, followed by ‘Financial, Real Estate & Professional Services’ sector (7.2%) and ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (6.4%) during 2024-25. Private Final Consumption Expenditure (PFCE) is expected to register a good growth of 7.6% during 2024-25 as compared to 5.6% growth observed during 2023-24.
Real GDP or GDP at Constant Prices in Q3 of FY 2024-25 is estimated at Rs 47.17 lakh crore, against Rs 44.44 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GDP or GDP at Current Prices in Q3 of FY 2024-25 is estimated at Rs 84.74 lakh crore, against Rs 77.10 lakh crore in Q3 of FY 2023-24, showing a growth rate of 9.9%. Real GVA in Q3 of FY 2024-25 is estimated at Rs 43.13 lakh crore, against Rs 40.60 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GVA in Q3 of FY 2024-25 is estimated at Rs 77.06 lakh crore, against Rs 69.90 lakh crore in Q3 of FY 2023-24, showing a growth rate of 10.2%.