India's economic growth, measured by the real gross domestic product, is estimated to slowdown to 6.4% in the financial year 2024-25, down from 8.2% in the financial year 2023-24, according to the first advance estimates released by the National Statistics Office (NSO) on Tuesday.
The nominal GDP witnessed a growth rate of 9.7% in the financial year 2024-25 over the growth rate of 9.6% in the financial year 2023-24.
The projection is lower than the recent Reserve Bank's estimate of 6.6% for the current fiscal year ending March 31, 2025.
Data released November 2024, revealed India's GDP growth slipping to 5.4% in the July to September 2024 quarter. Following this, the Reserve Bank of India cut its growth projection for the full year to 6.6% from 7.2% estimated earlier.
The real GDP at constant prices is estimated to increase to 184.88 trillion Indian rupees in the financial year 2024-25, from 173.82 trillion rupees a year earlier. Meanwhile, the nominal GDP at current prices is projected to grow by 9.7% to 324.11 trillion rupees, compared with 295.36 trillion rupees a year ago.
As per the data, the real gross value added (GVA) is expected to grow at 6.4% in the current fiscal, lower than the 7.2% recorded in FY24.
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