The National Statistics Office (NSO), Ministry of Statistics
and Programme Implementation (MoSPI) in its Second Advance Estimates has showed
that the Indian economy grew 6.2 per cent in the third quarter
(October-December) of the current fiscal (FY25) against 9.5 per cent in the
year-ago period, mainly due to poor performance by mining, manufacturing and
all other sectors, with the exception of agriculture. The 6.2 per cent growth
in GDP (gross domestic product) was higher than a revised reading of 5.6 per cent
expansion (5.4 per cent earlier) in the July-September 2024 period. However, it
was lower than the RBI’s estimate of 6.8 per cent for the period.
For the full 2024-25 fiscal (April 2024 to March 2025), the
government now pegs GDP growth at 6.5 per cent, marginally higher than 6.4 per
cent estimated in the first advance estimate released in January, but it is
below the revised growth rate of 9.2 per cent for 2023-24. The growth in the
current fiscal and less than 7 per cent expected in the next will keep India as
the fastest-expanding major economy.
Real GDP or GDP at Constant Prices is estimated to attain a
level of Rs 187.95 lakh crore in the financial year 2024-25, against the First
Revised Estimate of GDP for the year 2023-24 of Rs 176.51 lakh crore. Nominal
GDP or GDP at Current Prices is estimated to attain a level of Rs 331.03 lakh
crore in the year 2024-25, against Rs 301.23 lakh crore in 2023-24, showing a
growth rate of 9.9 per cent.
The manufacturing sector’s output growth, as per the gross
value added (GVA), in the third quarter dipped to 3.5 per cent from 14 per cent
in the year-ago period. Mining and quarrying production growth slowed to 1.4
per cent in the third quarter from 4.7 per cent a year ago. The construction
sector growth too slipped to 7 per cent from 10 per cent a year ago. The
electricity, gas, water supply, and other utility services segment grew 5.1 per
cent in the third quarter against 10.1 per cent a year earlier.
The GVA growth in the services sector - trade, hotel, transport, communication and services related to broadcasting - was 6.7 per cent during the third quarter against 8 per cent. Financial, real estate and professional services grew by 7.2 per cent in the third quarter over 8.4 per cent earlier. However, the output of the Agriculture, Livestock, Forestry & Fishing sector increased by an impressive 5.6 per cent during the quarter compared to a growth of 1.5 per cent in the year-ago period. Also, Public administration, defense and other services posted 8.8 per cent growth, marginally up from 8.4 per cent in the third quarter of the last fiscal.
Source: Ace Equity
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