India’s real GDP growth in the second quarter of 2024-25 stood at 5.4%, lower than the Reserve Bank’s estimate of 7%. RBI has projected India’s GDP growth rate for 2024-25 at 7.2%, while IMF and World Bank have projected 7%. Several global rating agencies have revised India’s growth forecasts upward.
The Indian economy grew by 5.4 per cent in real terms in the July-September quarter of the current financial year 2024-25, official data from the Ministry of Statistics and Program Implementation said on Friday. Quarterly growth was well below the RBI forecast of 7 per cent.
Real GDP in Q2 2024-25 is estimated at Rs 44.10 lakh crore, while in Q2 2023-24 it was Rs 41.86 lakh crore, showing a nominal growth rate of 5.4 percent.
In the same quarter last year, India had grown at the rate of 8.1 percent. The Indian economy grew at 6.7 percent in the April-June quarter, lower than the RBI’s forecast of 7.1 percent. RBI has estimated India’s GDP growth rate to be 7.2 percent in 2024-25.
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- IMF and World Bank have pegged it at 7.0 percent. Several global rating agencies and multilateral organizations have also revised their growth forecasts for India upward.
- The Economic Survey tabled in Parliament earlier this year had “conservatively” projected India’s real GDP growth rate for 2024-25 at 6.5-7 per cent.
- Recognizing that market expectations are high. Real GDP growth rate is reported economic growth adjusted for inflation.
- S&P Global Ratings this Monday retained India’s GDP forecast for the current fiscal year 2024-25 at 6.8 percent, while cutting economic growth forecasts for the next two years.
- The Reserve Bank of India had said last week that the weakness seen in the Indian economy, especially in the recent quarter, has now been left behind.
- In its latest monthly bulletin, the RBI had said that the slowdown in the Indian economy in the second quarter of 2024-25 (July-September) has now been left behind as private consumption along with festive spending in October-December became the driver of domestic demand. Has been.
- RBI said that the medium term outlook remains bullish. India’s GDP grew at an impressive 8.2 per cent during fiscal year 2023-24, remaining the fastest growing major economy. The economy is expected to grow at 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22.