1st March 2025 (10 Topics)
1
Mar
3
Mar
India's Economic Estimates (2024-25)
Context
The National Statistics Office (NSO) has released updated projections for the economy, including GDP (Gross Domestic Product) for FY 2024-25, quarterly estimates for October-December 2024-25, and revised data for previous years (2022-23 and 2023-24). These estimates are presented both at current prices and constant prices (2011-12 base).
Key Points:
- Growth Projections for FY 2024-25:
- Real GDP Growth: 6.5% (up from the earlier estimate of 6.1%)
- Nominal GDP Growth: 9.9% (higher than the previous estimate of 9.6%)
- Growth in the Previous Years:
- 2023-24: Real GDP grew by 2%, the highest in 12 years (except for the post-COVID year 2021-22). This growth was mainly driven by strong performances in the manufacturing, construction, and financial services sectors.
- 2022-23: Real GDP grew by 6%, mainly from the trade, financial services, and electricity sectors.
- Quarterly Estimates for Q3 of FY 2024-25:
- Real GDP for Q3 is estimated to grow by 2%.
- Nominal GDP for Q3 is expected to grow by 9%.
- Sector-wise Growth in FY 2024-25:
- The construction sector is expected to grow by 6%.
- Financial services, real estate, and professional services are projected to grow by 2%.
- Trade, hotels, transport, communication, and broadcasting services are expected to grow by 4%.
- Private Consumption (PFCE): Private consumption is expected to grow by 6% in FY 2024-25, up from 5.6% in FY 2023-24.
Revised Estimates for Past Years (2022-23 & 2023-24)
- 2023-24:
- Real GDP grew by 9.2%, with strong performances in sectors like manufacturing (12.3%) and construction (10.4%).
- Nominal GDP grew by 12%.
- Private Consumption increased by 7.6%.
- 2022-23:
- Real GDP grew by 7.6%, mainly driven by trade, financial services, and electricity.
- Nominal GDP grew by 14%.
- Private Consumption grew by 8.1%.
Summary of the Key Economic Terms:
|
More Articles
Courses
Study
Notes
Home
Resources
More
