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Indian Economy To Expand 6.4% In FY25, Weakest In 4 Years: Govt Estimate
(RTTNews) - India's economy is set to grow at the slowest pace in 4 years in the fiscal year 2024-25, initial estimates from the government showed on Tuesday.
Gross domestic product is expected to grow 6.4 percent in the financial year ending March 31 following an 8.2 percent expansion in the previous fiscal.
The pace of growth was the slowest since the pandemic year 2020-21, when the economic output shrank 5.8 percent.
The growth rate was also weaker than the government's earlier projection of 6.5-7.0 percent.
In December, the Reserve Bank of India had downgraded the real GDP growth projection for 2024-25 to 6.6 percent from 7.2 percent.
Farm sector growth is estimated to have improved to 3.8 percent from 1.4 percent in the previous fiscal year. Construction sector expanded 8.6 percent and the financial, real estate and professional services segment grew 7.3 percent.
Private consumption increased 7.3 percent, which was much faster than the 4.0 percent growth in the previous fiscal year. State spending grew 4.1 percent after a 2.5 percent increase in the previous fiscal. Manufacturing growth slowed to 5.3 percent from 9.9 percent.
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