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Business EconomyPosted at: Aug 30 2024 6:05PM


Indian economy grows at 6.7 pc in Q1 of FY25

New Delhi, Aug 30 (UNI) Indian economy grew at 6.7% year-on-year during April-June quarter (Q1) of current financial year 2024-25 as against 8.2% in the same quarter of previous financial year, as per official data released on Friday.
"Real GDP (gross domestic product) or GDP at constant prices in Q1 of 2024-25 is estimated at Rs 43.64 lakh crore, against Rs 40.91 lakh crore in Q1 of 2023-24, showing a growth rate of 6.7%," said Ministry of Statistics & Programme Implementation (MoSPI) in a statement.
As per the official data nominal GDP or GDP at current prices in Q1 of 2024-25 is estimated at Rs 77.31 lakh crore, against Rs 70.50 lakh crore in Q1 of 2023-24 showing a growth rate of 9.7%.
Real GVA (gross value added) grew by 6.8% in Q1 of 2024-25 over the growth rate of 8.3% in Q1 of the previous financial year.
"This GVA growth in the Q1 of FY 2024-25 has been driven by significant growth in the Secondary Sector (8.4%), comprising of construction (10.5%), electricity, gas, water supply & other utility services (10.4%) and manufacturing (7.0%) sectors," MoSPI said.
Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) at constant prices witnessed growth rates of 7.4% and 7.5% respectively in the June quarter of the current financial year.
Net taxes, at current prices, observed the growth rate of 8% in Q1 of FY25 resulting in 0.1% point gap between the growth rates of GVA and GDP.
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