New Delhi: India’s gross domestic product (GDP) grew 6.7 per cent year-on-year during the April-June 2024 quarter (Q1 FY25). This growth rate is the slowest in five quarters or 15-months. India’s gross domestic product was at 8.2 per cent a year ago.
‘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 per cent,’ the finance ministry said in a statement. In the corresponding quarter last year (Q1 FY24), India’s real GDP had grown at 8.2 per cent. In the previous quarter ended March 2024, the economic growth stood at 7.8 per cent.
According to the latest data released by the National Statistical Office (NSO), India’s gross value added or GVA also grew 6.8 per cent during April-June 2024. GVA is GDP minus net product taxes.
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Gross fixed capital formation (GFCF), which is an indicator of investment activity in the country, grew 7.5 per cent to Rs 15.20 lakh crore during the June 2024 quarter. GFCF accounts for 34.8 per cent of the GDP. Private final consumption expenditure (PFCE) grew 7.4 per cent year-on-year to Rs 24.56 lakh crore in Q1 FY25.
Government final consumption expenditure (GFCE) fell 0.24 per cent YoY to Rs 4.14 lakh crore, amid parliamentary elections. Net taxes, at current prices, has observed the growth rate of 8 per cent in Q1 of FY 2024-25 resulting in 0.1% point gap between the growth rates of GVA and GDP.
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