India's Gross Domestic Product (GDP) has grown by 6.7% on an annual basis in the first quarter of the financial year 2024-25 i.e. April-June quarter, the central government announced yesterday evening. But this low growth in 15 months is shocking. The agriculture and mining industries, which are considered to be the main contributors to India's economic growth, declined to 2.7% in the same quarter of the current fiscal from 4.2% in the june quarter of FY2023-24. Also, secondary industries, which include manufacturing and power industries, recorded a remarkable growth of 8.4% year-on-year. The growth rate of India's secondary sector was 5.9% in the same quarter of FY 2023-24.
Mainly in the agriculture sector, saw growth of 3.7% in FY 2023-24, which slowed to 2.0% in the first quarter of FY 2024-25. The country's manufacturing sector is expected to grow at an annualized rate of 7.0% in the first quarter of fiscal 2024-25. The manufacturing sector is projected to grow by 5.0% in FY 2023-24. services related to industry, hotels, transport, communication, and broadcasting declined to 5.7% from 9.7% in FY2023-24. Meanwhile, financial, real estate, and professional services declined to 7.1% in the first quarter of FY2024-25 from 12.6% in FY2023-24. The public administration and defense sector has seen a growth of 9.5% in the current financial year, up from 8.3% in the financial year 2023-24. The data for the April-June quarter is significant following prime minister Narendra Modi's election victory for a third term in mid-May. The reserve bank of india (RBI), during its Monetary Policy Committee meeting in August, projected India's GDP to grow by 7.1% in the first quarter of fiscal 2024-25. But the current growth is only 6.7 percent which is another sad thing.
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