Economy growth rate dips to 5.6 % during July-Septemeber Quarter 2024
Economy
4 min read
The Indian real gross domestic product (GDP) growth rate dipped to 5.4 % in the July-September quarter of 2024 compared to the 2023 July-September quarter growth rate of 8.1 %. The mining and quarrying sector was the only sector which recorded a negative growth of 0.1 %.
The Indian economy's second-quarter growth rate was lower than the Reserve Bank of India's forecast of 7 per cent.
India's real GDP growth rate was estimated at 6.0% in the first six months (April-September) of 2024, compared to 8.2 % in the first six months of the previous 2023-24 financial year.
The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the latest data on 29 November 2024.
Growth Rate in Q2 (July-Septemeber) 2024-25
Real GDP Growth Rate
- The country's Real GDP, or GDP at constant price with the base year 2011-2012, was Rs 44 lakh crore, with a growth rate of 5.4%.
Nominal GDP Growth Rate
- The Nominal GDP or the GDP at the current price was Rs 76.60 lakh crore with a growth rate of 8.0%
Real Gross Value Addition (GVA)
- The Real GVA of the Indian economy was Rs 40.58 lakh crore with a growth rate of 5.6%.
Nominal GVA growth
- The Nominal GVA of the Indian economy was Rs 69.54 lakh crore with a growth rate of 8.1%.
GVA=GDP + subsidies on products – taxes on products
Growth Rate in the first six months (July-September) 2024-25
- Real GDP- Rs 87.74 lakh crore, a growth rate of 6.0%.
- Nominal GDP- Rs 153.91 lakh crore, a growth rate of 8.9%.
- Real GVA- Rs 81.30 lakh crore, a growth rate of 6.2%.
- Nominal GVA- Rs 139.78 lakh crore, a growth rate of 8.9%.
Growth Rate of GVA at constant price (base year 2011-12)
Following are the growth rates of the various sectors of the Indian economy in the first two quarters and the first six months of the financial year 2024-25.
|
Industry |
Growth Rate in Q1(April-June) 2024-25 |
Gorwth Rate in Q2 (July-Septemeber )2024-25 |
Growth Rate in first six months of 2024-25 |
|---|---|---|---|
|
Primary |
2.7% |
3.0 % |
2.8 % |
|
1. Agriculture, Livestock, Forestry and fishing, |
2.0% |
3.5% |
2.7 % |
|
2. Mining and quarrying |
7.2 % |
-0.1 % |
3.9 % |
|
Secondary |
8.4% |
3.9% |
6.1 % |
|
1. Manufacturing |
7.0% |
2.2% |
4.5 % |
|
2. Electricity, Gas, Water supply and other Utility Services, |
10.4 % |
3.3 % |
6.8 % |
|
3. Construction |
10.5 % |
7.7% |
9.1 % |
|
Tertiary |
7.2% |
7.1% |
7.1 % |
|
1. Trade, Hotels, Transport, Communication and Services related to Broadcasting, |
5.7% |
6.0% |
5.9 % |
|
2. Financial, Real Estate & Professional Services |
7.1% |
6.7% |
6.9 % |
|
3. Public Administration, Defence & Other Services. |
9.5 % |
9.2% |
9.3 % |
