Fri Feb 28 18:40:00 UTC 2025: **India’s GDP Growth Revised Upward; Strong Performance in Key Sectors**
New Delhi, [Date] – India’s economy is showing robust growth, according to the latest estimates released by the National Statistics Office (NSO). The Second Advance Estimates (SAE) for the 2024-25 financial year project a real GDP growth of 6.5%, exceeding the earlier forecast. Nominal GDP is projected to grow by 9.9%. These upward revisions reflect improved data and a stronger-than-anticipated performance across various sectors.
The NSO also released revised figures for previous years. For 2023-24, real GDP growth is now estimated at 9.2%, the highest in 12 years, excluding the post-COVID rebound of 2021-22. This growth was driven by double-digit expansion in manufacturing (12.3%), construction (10.4%), and financial services (10.3%). Final estimates for 2022-23 show real GDP growth at 7.6%, boosted by strong performance in trade, hotels, transport, and financial services.
Looking ahead, the construction sector is expected to lead growth in 2024-25 with an estimated 8.6% increase, followed by financial services (7.2%) and trade, hotels, and transport (6.4%). Private Final Consumption Expenditure (PFCE) is also projected to grow strongly at 7.6%.
The October-December 2024 quarter (Q3) saw a real GDP growth of 6.2% and nominal GDP growth of 9.9%. The upward revision reflects the incorporation of more comprehensive data from various sources, including the Index of Industrial Production, financial performance of listed companies, agricultural production estimates, and GST data.
The NSO emphasized that these estimates are subject to further revision as more complete data becomes available. Provisional estimates for the entire 2024-25 fiscal year, including Q4, will be released on May 30, 2025.
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