Bad news has come for the country's economy. According to new government data, the country's GDP growth rate is estimated to be 6.4 percent in the current financial year 2024-25. This is much lower than the last financial year i.e. 2023-24. The country's GDP growth rate in the last financial year was 8.2 percent.
What is in the report?
On Tuesday, the National Statistical office (NSO) released the first advance estimates of national income for the financial year 2024-25, saying that real GDP is expected to grow at the rate of 6.4 percent in this financial year. Let us tell you, the NSO's estimate of GDP growth for the current financial year is lower than the reserve bank of india (RBI) estimate. RBI has projected GDP to grow at the rate of 6.6 percent in the financial year 2024-25.
Real Gross Value Added also declines
The data released by the government of india also shows that the Real Gross Value Added (GVA) is expected to grow by 6.4 percent in FY 2025, which is less than 7.2 percent in FY 2024. In contrast, the nominal GVA is estimated to grow by 9.3 percent, which is slightly more than the 8.5 percent growth of last year. Let us tell you, the advance GDP estimate plays an important role in preparing the Union Budget. That is, you can also see the impact of these figures on the budget to be presented in February.
In fact, this estimate has come after the decline in growth during the July-September quarter of FY 24, which was at 5.4 percent. This was the reason why the reserve bank of india had revised its growth forecast rate for 2024. In fact, according to the data released by the RBI earlier, the country's growth was estimated at 7.2 percent. But, after the decline in growth during the July-September quarter of 2024, the RBI revised it to 6.6. However, the first advance estimate of national income released by the NSO is even lower, which is 6.4 percent.
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