New Delhi : The National Statistics Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), has released the quarterly economic data for Q2 of FY 2024-25 (July-September). The highlights reflect moderate economic growth across key sectors.
Key Economic Highlights
- GDP Growth:
- Real GDP (at constant 2011-12 prices) grew by 5.4%, reaching ₹44.10 lakh crore compared to ₹41.86 lakh crore in Q2 of FY 2023-24.
- Nominal GDP (at current prices) recorded a growth of 8.0%, estimated at ₹76.60 lakh crore.
- GVA Growth:
- Real GVA grew by 5.6%, reaching ₹40.58 lakh crore in Q2 FY 2024-25.
- Nominal GVA grew by 8.1%, estimated at ₹69.54 lakh crore.
- Sector-wise Performance:
- Agriculture: Bounced back with a growth rate of 3.5%, after several quarters of suboptimal performance.
- Manufacturing: Slowed to 2.2%, while Mining and Quarrying recorded a negative growth of -0.1%.
- Construction: Sustained momentum with a growth rate of 7.7%, driven by strong domestic steel consumption.
- Tertiary Sector (Services): Achieved a robust 7.1% growth, led by sectors like Trade, Hotels, Transport, and Communication.
- Consumption Trends:
- Private Final Consumption Expenditure (PFCE): Grew by 6.0%, up from 2.6% in the same period last year.
- Government Final Consumption Expenditure (GFCE): Rebounded with a growth rate of 4.4% after subdued performance in previous quarters.
Outlook
Despite slower growth in manufacturing and mining, the tertiary sector and private consumption have provided momentum. The data reflects resilience in India’s economy and highlights sustained recovery in key areas, setting the stage for continued growth in the coming quarters.
