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India’s GDP growth may be between 6.2% to 6.3% in the October-December quarter of finance-year 2024-25. This estimate has been made by State Bank of India (SBI) experts. The report released by SBI states that despite global challenges, India’s economy is constantly getting stronger.
This is due to increase in growth demand, capital experience, agriculture, manufacturing and boom in the service sector. Earlier, India’s GDP growth was 8.6% in the July-September 2023 quarter. The Government of India will release data for the October-December quarter on 28 February.
IMF has estimated 7% growth rate for FY25
Earlier, the International Monetary Fund i.e. IMF had estimated the GDP growth of 7% in Finance-Year 2024-25. At the same time, the GDP estimate for FY 2025-26 was also retained at 6.5%. On 9 October, RBI had estimated India’s GDP growth 7.2% for FY25.
In August, the World Bank increased India’s GDP growth estimate from 6.6% to 7% for the financial year 2024-25. The World Bank then said that in the last financial year 2024, the Indian economy grew at a speed of 8.2%, which was the fastest.
GDP growth reduced to 5.4% between July and September
India’s GDP growth declined to 5.4% in the July-September quarter of FY 2025. This was the slowest growth among the seven quarters. GDP growth was slow due to poor performance of the manufacturing sector. The data was released by the National Statistics Office on 29 November.
Earlier, growth was 4.3% in the third quarter of 2023. It was 8.1% in the same quarter (Q2Fy24) a year ago. It was 6.7% in the previous quarter i.e. Q1fy25. India’s GVA increased at a rate of 5.6% in the July-September quarter. GVA growth was 7.7% in the same quarter of a year ago. In the last quarter, GVA growth was 6.8%.
India is still the fastest growing economy among major countries
Despite slow GDP growth, India still remains the fastest growing economy among major economies. China’s GDP growth was 4.6% in the July-September quarter this year. At the same time, Japan’s GDP has increased at the rate of 0.9%.
What is GDP?
GDP is one of the most common indicators used to track the economy’s health. The GDP represents all the goods and service value in a specific time period within the country. It also includes foreign companies that produce by staying inside the country’s border.
There are two types of GDP
There are two types of GDP. Real GDP and Nominal GDP. In real GDP, the calculation of goods and service values is performed at the value or stable price of the base year. Currently, the base year is 2011-12 for calculating GDP. At the same time, the calculation of nominal GDP is done at the current price.
How GDP is calculated?
A formula is used to calculate the GDP. GDP = c+g+i+NX, here C means private conjpction, G means government spending, I mean investment and NX means net export.
Who is responsible for GDP’s grip?
There are four important engines to reduce or increase GDP. The first is, you and us. The more you spend, it contributes to our economy. The second is the business growth of the private sector. It contributes 32% to GDP. The third is government expenditure.
This means how much the government is spending in producing goods and services. It contributes 11% to GDP. And the fourth is, net demand. For this, India’s total exports are reduced by total imports, as India has more imports than exports, so its impact is negative on GPD.
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