India's GDP Growth Projections for FY25

According to the first advance estimates released by the National Statistics Office (NSO), India's GDP growth for the financial year 2024-25 is likely to slow down to 6.4%, a significant drop from the 8.2% growth recorded in the previous fiscal year.

The Real GDP or GDP at Constant Prices is projected to reach Rs 184.88 lakh crore in FY 2024-25, compared to the Provisional Estimate of Rs 173.82 lakh crore for 2023-24. The forecast for Real GDP growth stands at 6.4% for 2024-25, lower than the 8.2% recorded in 2023-24.

Nominal GDP and GVA Projections

On the other hand, the Nominal GDP or GDP at Current Prices is expected to reach Rs 324.11 lakh crore in 2024-25, up from Rs 295.36 lakh crore in 2023-24, indicating a growth rate of 9.7%. The Real GVA is anticipated to reach Rs 168.91 lakh crore in 2024-25, showing a growth rate of 6.4%, which is lower than the 7.2% growth observed in 2023-24.

Sector-wise Growth Forecast

The Agriculture and allied sector's Real GVA is projected to grow at 3.8% in 2024-25, showing significant improvement from 1.4% growth in 2023-24. The Construction sector and Financial, Real Estate & Professional Services sector demonstrate robust growth projections of 8.6% and 7.3% respectively for FY 2024-25.

Private Final Consumption Expenditure at Constant Prices indicates substantial improvement with 7.3% growth forecast for FY 2024-25, compared to 4.0% in the previous year. Government Final Consumption Expenditure at Constant Prices shows positive movement with 4.1% growth projection, improving from 2.5% in the previous Financial Year.