Delhi, January 7: The government has maintained its Gross Domestic Product (GDP) growth estimate for the financial year 2024-25 at 6.4%, as per data released by the Ministry of Statistics on Tuesday, 7 January. This marks a decline from the 8.2% growth recorded in the previous fiscal year, 2023-24.
Annual GDP growth has consistently remained at or above 7% since FY 2022. However, projections suggest that growth could fall below 7% for the first time in four years. The GDP growth rates for previous years were 9.7% in FY 2022, 7% in FY 2023, and 8.2% in FY 2024.
Despite a slower first half in FY 2024-25, the ministry remains optimistic about a recovery in the latter half. Growth is expected to be driven by improvements in agricultural and industrial activity, alongside a rise in rural demand.
The Reserve Bank of India (RBI), meanwhile, had forecast GDP growth for the fiscal year at 6.6%. Both estimates reflect cautious optimism amidst global and domestic economic challenges.
The ministry emphasised that efforts to bolster key sectors would be critical to sustaining economic momentum in the coming quarters.
