How was the GDP rate in the first quarter of FY 2025?
Reportedly India's economic growth rate came at 5.4 percent in the second quarter of FY 2024-25 (July-September 2024). This GDP data has been released by the Ministry of Statistics and Implementation. If it is seen in comparison to last year, it was 8.1 percent in the second quarter of FY 2023-24. In this sense, the figure of 5.4 percent of economic growth rate in the second quarter of this year has disappointed. Due to the rise in retail food inflation rate and fall in corporate results, the GDP data has not been as expected. The Reserve bank had also slowed down the growth forecast and the main reason behind this is the increase in inflation rate.
Perhaps in the first quarter of april to june in the financial year 2024-25, the GDP rate was 6.7 percent, which was the lowest GDP figure in the last five quarters. In the MPC announcements of the last monetary committee meeting on october 9, RBI had estimated India's real GDP growth for FY 25 to be 7.2 percent.
Even after these figures, in the first half of FY 2024-25, real GVA i.e. gross value addition has achieved a growth rate of 6.2 percent. If we look at the data of real gross value added (GVA) in the second quarter, it has come at 5.6 percent, which is much lower than 7.7 percent in the second quarter of last year. Nominal GVA growth has also declined and stood at 8.1 percent in the second quarter as against 9.3 percent in the same quarter last year.