India’s GDP slows to 15-month low of 6.7% in Q1 FY25 due to poor performance of agriculture & services

31 Aug 2024 Evaluate

The National Statistical Office (NSO), under Ministry of Statistics and Programme Implementation (MoSPI), in its latest data has showed that economic growth of India slowed to a 15-month low of 6.7% April-June Quarter (Q1) of the Financial Year 2024-25 (FY25), mainly due to poor performance of the agriculture and services sectors. The gross domestic product (GDP) expanded by 8.2% in the Q1 of FY 2023-24. The previous low of 6.2% was recorded in the January-March quarter of 2023. Nominal GDP has witnessed a growth rate of 9.7% in Q1 of FY 2024-25 as compared to the growth rate of 8.5% in Q1 of FY 2023-24. However, India remained the fastest-growing major economy, as China posted a 4.7% growth in April-June 2024.

As per the data, Real GVA has grown by 6.8% in Q1 of FY 2024-25 over the growth rate of 8.3% in Q1 of the previous financial year. This GVA growth in the Q1 of FY 2024-25 has been driven by significant growth in the Secondary Sector (8.4%), comprising of Construction (10.5%), Electricity, Gas, Water Supply & Other Utility Services (10.4%) and Manufacturing (7.0%) sectors. Growth rate in Nominal GVA for Q1 of FY 2024-25 have been estimated at 9.8% over 8.2% growth rate in Q1 of FY 2023-24.

NSO said Real GDP or GDP at Constant Prices in Q1 of 2024-25 is estimated at Rs 43.64 lakh crore against Rs 40.91 lakh crore in Q1 of 2023-24, showing a growth rate of 6.7%. Nominal GDP or GDP at current prices in Q1 of 2024-25 is estimated at Rs 77.31 lakh crore against Rs 70.50 lakh crore in Q1 of 2023-24, showing a growth rate of 9.7%.

Real GVA (Gross Value Added) in Q1 of 2024-25 is estimated at Rs 40.73 lakh crore against Rs 38.12 lakh crore in Q1 of 2023-24, showing a growth rate of 6.8% compared to 8.3% in the year-ago period. Nominal GVA in Q1 of 2024-25 is estimated at Rs 70.25 lakh crore compared to Rs 63.96 lakh crore in Q1 of 2023-24, showing a growth rate of 9.8% over 8.2% a year ago.

The NSO data showed that the agriculture sector gross value added (GVA) growth decelerated to 2% in April-June quarter of 2024-25 from 3.7% in the April-June quarter of 2023-24. Trade, hotels, transport, communication and services related to broadcasting slowed to 5.7% from 9.7% a year ago. The expansion in ‘financial, real estate and professional services’ GVA too slowed to 7.1% from 12.6% in the year-ago quarter.

However, the GVA in the ‘mining and quarrying’ accelerated to 7.2% in the first quarter from 7% a year ago. The GVA in the manufacturing sector accelerated to 7% in the first quarter of the current fiscal compared to 5% a year ago. Electricity, gas, water supply and other utility services grew by 10.4% from 3.2%. The construction segment grew by 10.5% from 8.6% a year ago. Public Administration, defence and other services grew 9.5%, up from 8.3% a year ago.

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