Economy growth rate dips to 5.6 % during July-Septemeber Quarter 2024

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.