The RBI March Bulletin states that the Indian economy continues to demonstrate resilience in this turbulent global environment, as the growth momentum is supported by robust sectoral performance and improving consumption trends.
The Second Advance Estimates (SAE) released by the National Statistics Office (NSO) project a steady 6.5 per cent growth for 2024-25.
The latest quarterly data further underscores this strength, with real GDP expanding by 6.2 per cent in Q3:2024-25, shaking off the sluggishness of the previous quarter.
Private consumption expenditure is on an upward trajectory, signalling strong consumer confidence and sustained demand. Government spending has picked up significantly in recent months, providing a further fillip to growth.
Key sectors, including construction, financial services, and trade, continue to thrive as pillars of economic resilience. Various high-frequency indicators of economic activity point towards a sustained momentum in growth during Q4 as well.
The first revised estimates (FRE) of GDP for 2023-24 placed the real GDP growth at 9.2 per cent — the highest in over a decade if we exclude the post-COVID rebound — demonstrating that in an uncertain world, India’s growth story remains a beacon of stability and progress.
Despite a mild loss in momentum, the Indian manufacturing sector saw a rise in purchasing activity and employment in February 2025. The services sector recorded a strong expansion in new businesses and employment.