MUMBAI: India’s Gross Domestic Product (GDP) growth rate in the quarter ending June 30, 2024, grew by 6.7 per cent as against 8.2 per cent in the first quarter of FY24 as per the data released by the National Statistical Office (NSO).
This is less than the Reserve Bank of India’s (RBI) estimate of 7.1 per cent for the same period.
In the fourth quarter of FY24, India's GDP growth reached 7.8 per cent, with overall fiscal growth at 8.2 per cent. This positioned India as the top-performing economy compared to Western and developed nations.
The NSO data indicated that India's gross value added (GVA) - which measures the growth in supply by subtracting net product taxes from GDP - registered a growth rate of 6.8 per cent during the April-June quarter.
"Real GVA has grown by 6.8 per cent in Q1 of FY 2024-25 over the growth rate of 8.3 per cent in Q1 of the previous financial year. This GVA growth in the Q1 of FY 2024-25 has been driven by significant growth in the Secondary Sector (8.4 per cent), comprising Construction (10.5 per cent), Electricity, Gas, Water Supply & Other Utility Services (10.4 per cent) and Manufacturing (7.0 per cent) sectors," the Government said.
RBI has made a projection of GDP growth at 7.2 per cent for FY25, with quarterly estimates for GDP in 2024-25 being 7.1, 7.2, 7.3, and 7.2 in Q1-Q4, respectively.