India's GDP to grow 6.4% in FY25, slowest in 4 yrs

January 07, 2025 17:12

India's economic growth rate is estimated to slip to a four-year low of 6.4 percent in 2024-25, mainly on account of poor showing by the manufacturing and services sector, according to government data released on Tuesday.

The gross domestic product (GDP) rate of 6.4 percent will be the lowest since the COVID year (2020-21) when the country witnessed a negative growth of 5.8 percent.

It was 9.7 percent in 2021-22; 7 percent in 2022-23; and 8.2 percent in the last fiscal ended March 2024.

The first advance estimates of National Income for 2024-25 released by the National Statistics Office is lower than the 6.6 percent projected by the Reserve Bank in December 2024.

It is also a tad lower than the finance ministry's initial projection of 6.5-7 percent.

The advance estimates will be used in preparation for the Union Budget to be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on February 1.

The manufacturing sector output is expected to decelerate to 5.3 percent from a high of 9.9 percent recorded in the previous fiscal, NSO said in the first advance estimates of National Income for 2024-25.

The services sector, comprising trade, hotels, transport and communications, is estimated to expand at 5.8 percent against 6.4 percent in 2023-24. -- PTI

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