Finance Minister Nirmala Sitharaman said on Friday that India is maintaining its GDP growth speed as the fastest growing economy for the fourth consecutive year, which has helped manufacturing, service and agricultural sectors.
He said that India’s manufacturing activity has been “good” during the January-March period, which has helped to register a GDP growth of 7.4 percent during the quarter and 6.5 percent for the entire 2024-25 financial year.
Sitharaman said, “India is maintaining development and it is the fastest growing economy for the fourth consecutive year, which goes to small, medium and large industries; industries that are coming and ensuring that our manufacturing capacity, our service capacity is all intact. Agriculture has also supported us during covid.”
The 6.5 percent GDP growth for FY 2025 has come on a high basis of FY 2024 when the economy increased at a rate of 9.2 percent. The growth of 7.4 percent in the March quarter was also on a high basis of 8.4 percent in FY 2024. Speaking at the Laxmipat Singhania-IIM Lucknow National Leadership Award, the minister said that during the January-March quarter, there was an opinion that the industry was not investing enough, the capabilities were not increasing and questioned its impact on the economy.
Sitharaman said, “I am happy that India’s industry … manufacturing activity was good during the fourth quarter of 2024-25 and a real GDP of 7.4 percent increased in the fourth quarter alone. As a result, the actual GDP growth for the entire financial year of 2024–25 (April-March) was 65 percent.” During the fourth quarter of FY 2025, manufacturing production increased by 4.8 percent, while in the same quarter of FY 2024 increased by 11.3 percent. The service sector increased by 7.3 percent in the March quarter, while the agriculture sector increased by 5.4 percent.
Sitharaman said that the government is working to overcome regulatory difficulties and bring soft-touch regulation every year, allowing people to trade without doubt. He said that he is ready to receive suggestions to remove barriers in business in reducing regulatory obstacles.
He said, “We are in the part of the history of India where we just need to rely on our country’s abilities and trust that we can definitely achieve that goal .. How long we will keep saying that we are a developing country.
He said, “When our own people are going all over the world and are working at the leadership level in different fields.” It is time for all of us to get out of doubt that is in our mind, will India be able to do this, will India reach India? Yes, we can. ” He said that to achieve the goal of becoming a developed nation by 2047, the country will have to come out of the evil of minor corruption.
