India's economic growth slows to near two-year low of 5.4% in Q2FY25

30 Nov 2024 Evaluate

India's economic growth slowed to near two-year low of 5.4 per cent in July-September quarter of the ongoing fiscal (Q2FY25) against 8.1 per cent in the year-ago period (Q2FY24), mainly due to poor performance of manufacturing and mining sectors as well as weak consumption. The previous low level of gross domestic product (GDP) growth at 4.3 per cent was recorded in the third quarter (October-December 2022) of financial year 2022-23. However, India remained the fastest-growing major economy as China's GDP growth in the July-September quarter this year was 4.6 per cent. The growth in GDP during Q1FY25 remained unchanged at 6.7 per cent. The growth in the country's GDP during the April-September period in 2024-25 stood at 6 per cent compared to 8.2 per cent in the first half of the previous financial year.

As per the National Statistical Office (NSO) data, Real GDP or GDP at constant prices in Q2 of 2024-25 is estimated at Rs 44.10 lakh crore, against Rs 41.86 lakh crore in Q2 of 2023-24, showing a growth rate of 5.4 per cent. Real GVA (Gross Value Added) in Q2 of 2024-25 is estimated at Rs 40.58 lakh crore, against Rs 38.42 lakh crore in Q2 of 2023-24, showing a growth rate of 5.6 per cent. Nominal GVA in Q2 of 2024-25 is estimated at Rs 69.54 lakh crore, against Rs 64.35 lakh crore in Q2 of 2023-24, showing a growth rate of 8.1 per cent. Nominal GDP or GDP at current prices in Q2 of 2024-25 is estimated at Rs 76.60 lakh crore, against Rs 70.90 lakh crore in Q2 of 2023-24, showing a growth rate of 8.0 per cent.

As per the data, the GVA of the agriculture sector accelerated to 3.5 per cent in the July-September quarter of 2023-24 from 1.7 per cent a year ago. The GVA growth of the manufacturing sector decelerated to 2.2 per cent in the second quarter of the current fiscal against 14.3 per cent growth registered a year ago. The output (GVA) in the ‘mining and quarrying’ contracted to 0.01 per cent in the second quarter against a growth of 11.1 per cent a year ago. The expansion in financial, real estate and professional services’ GVA was 6.7 per cent, up from 6.2 per cent in the year-ago quarter. Electricity, gas, water supply and other utility services grew by 3.3 per cent, slower than 10.5 per cent a year ago. The construction sector recorded a growth of 7.7 per cent in the second quarter, down from 13.6 per cent year on year.

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