India GDP Data 2024: India's economic growth rate has come down to 5.4 percent in the second quarter of the financial year 2024-25 (July-September 2024). This GDP data has been released by the Ministry of Statistics and Implementation. If we compare it with last year, it was 8.1 percent in the second quarter of the financial year 2023-24. In this regard, the figure of 5.4 percent of economic growth rate in the second quarter of this year has disappointed.

GDP affected with the rise in inflation rate

The GDP data has not been as expected due to the rise in retail food inflation and the fall in corporate results. The Reserve Bank has also slowed down the growth forecast and the main reason behind this is the increase in inflation rate.

How was the GDP rate in the first quarter of FY 2025

In the first quarter of April to June in the financial year 2024-25, the GDP rate was 6.7 percent, which was the lowest GDP figure in the last five quarters. In the MPC announcements of the last monetary committee meeting on October 9, the RBI had estimated India's real GDP growth for FY 25 to be 7.2 percent. 

What is the figure for real GVA

Even after these figures, in the first half of the financial year 2024-25, real GVA i.e. Gross Value Addition has achieved a growth rate of 6.2 percent. If we look at the data of real Gross Value Added (GVA) in the second quarter, it has come at 5.6 percent, which is much lower than 7.7 percent in the second quarter of last year. Nominal GVA growth has also decreased and it is seen at 8.1 percent in the second quarter, which was 9.3 percent in the same quarter of the previous year. 

The impact of slow growth in manufacturing was seen on GDP

There was slow growth in manufacturing and it has fallen to 2.2 percent in the second quarter. Apart from this, it has gone negative in the mining sector. The economic growth rate of the mining sector has come down to -0.1 percent.

How was the growth of the agriculture sector

The growth of the agriculture sector seems to be gaining some improvement after the last four quarters and it has managed to achieve a growth rate of 3.5 percent.

Construction sector report card

Good data is being seen in the report card of the construction sector and it has increased to 7.7 percent in the second quarter.

The condition of service sector was also good

The service sector has fared well in the second quarter and has grown at an impressive 7.1 percent. The 6 percent growth rate of the trade, hotels and transport sectors has played a major role in this.