New Delhi, January 7 (IANS). The growth rate of the Indian economy is estimated to be 6.4 percent in the financial year 2024-25. It was 8.2 percent in the last financial year. This information was given in the first advance estimate released by the Statistics Ministry on Tuesday.
This estimate is much lower than the gross domestic product (GDP) growth estimate of 6.6 percent released by the Reserve Bank of India (RBI) in the December monetary policy. However, with China’s growth rate being less than 5 percent, India will remain the fastest growing economy in the world.
The data showed that agriculture, construction and service sectors have emerged as bright spots.
The growth rate of agriculture and allied sectors is estimated to be 3.8 percent during the financial year 2024-25. There was a growth of 1.4 percent in this sector in the last financial year. The growth rate in construction and financial, real estate and professional services sectors is estimated to be 8.6 percent and 7.3 percent respectively.
According to the official statement, there has also been an increase in private final consumption expenditure, which has seen a growth rate of 7.3 per cent during this financial year compared to a growth rate of 4 per cent last year.
These figures, released ahead of the Union Budget 2025, underline the need to focus on boosting growth and maintaining momentum in the agriculture sector with continued investment in large infrastructure projects.
The Indian economy recorded a GDP growth rate of 5.4 percent for the second quarter (July-September) of the current financial year, which was much lower than the previous quarter.
Due to slowing down of the economy in the second quarter, the Reserve Bank of India (RBI) had reduced its growth estimate for the current financial year from 7.2 percent to 6.6 percent.
–IANS
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