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India forecasts 2024/25 economic growth at 6.4% – government statement

by January 7, 2025
written by January 7, 2025

NEW DELHI (Reuters) -India’s economy is expected to grow 6.4% in the current fiscal year ending March, the National Statistics Office said on Tuesday, below the initial government projection of 6.5%-7%.

India has released its first advance estimates of gross domestic product (GDP), which typically undergo revisions over time as data coverage improves. The first estimate is used as a base for the federal budget due to be announced on Feb. 1.

The Indian economy, Asia’s third largest after China and Japan, grew 8.2% in 2023/24 and 7% in 2022/23.

In nominal terms, which include inflation, the economy is expected to grow 9.7%, compared with the 10.5% estimate in the annual federal budget announced in February 2024.

Government spending is estimated to rise by 4.1% year-on-year in 2024/25, up from a 2.5% increase in the previous fiscal year, while private investment is seen rising by 6.4%, lower than the 9% growth in the previous year.

Private consumption, which accounts for nearly 58% of GDP, was seen expanding by 7.3% year-on-year compared to a 4% expansion in the previous fiscal year.

Manufacturing, which accounts for about 17% of GDP, is projected to expand 5.3% year-on-year in 2024/25, compared with 9.9% a year ago, while the construction output was seen growing by 8.6%, down from 9.9% in the previous year, data showed.

Growth in farm output, which contributes about 15% of GDP and employs more than 40% of the workforce, was seen picking up to 3.8% in the current fiscal year, from 1.4% a year ago.

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