Reporting a growth rate of 6.2 percent, the National Statistics Office (NSO) of India published the GDP numbers for the October-December quarter on February 28. For the same span, the nominal GDP increase was 9.9%.
The year-on-year GDP growth has dropped from 8.6% but has increased from 5.4% in the preceding quarter, showing a recovery in economic activity.
Growth Forecast for Fiscal Year 2025
For the fiscal year 2024-25, the government has forecast a true GDP growth of 6.5 percent. Other than the post-pandemic rebound in 2021-22, India’s 9.2% real GDP growth for the entire fiscal year 2023-24 represents its greatest yearly growth in twelve years.
Economic challenges and trends
In the last few months, the GDP growth rate of India has been somewhat erratic. The sluggish economy growth in the third quarter of 2024 was 5.4 percent, almost two years apart. Slower consumer spending, mining, and manufacturing output helped to slow the pace of growth.
Experts advise that notwithstanding strong economic activity, sustained expansion will be contingent upon government policies, world demand, and local consumption trends,
Rising from 5.4% in the prior quarter, India’s GDP in Q3 FY24 increased 6.2% together. For FY25, the government forecasts 6.5 percent rise.
