New Delhi, November 29 (IANS). The National Statistical Office (NSO) on Friday released the GDP data for the second quarter of financial year 2024-25. The GDP growth rate in the July to September quarter was 5.4 percent.
However, GDP growth has slowed down in the second quarter. But, India still remains the fastest growing economy in the world.
The Reserve Bank of India has set the GDP growth rate estimate for the current financial year at 7.2 percent.
In the second quarter of FY25, the growth rate of manufacturing sector was 2.2 percent, the growth rate of mining and quarrying sector was negative -0.1 percent, the growth rate of agriculture and allied sector was 3.5 percent and the growth rate of construction sector was 7.7 percent.
The growth rate of trade, hotel, transport, communication and broadcasting services has been 6 percent in the second quarter of the current financial year.
The growth rate of the tertiary sector has been 7.1 percent in the second quarter of the current financial year.
Real Gross Value Added (GVA) has increased by 6.2 percent in the first half of the financial year 2024-25. Private final consumption expenditure (PFCE) has increased by 6 percent in the second quarter of financial year 2024-25. During this period, an increase of 4.4 percent has been observed in government final consumption expenditure.
The share of private consumption in the country’s GDP is 60 percent and the increase in growth rate is a good sign for the future.
According to the data, the fiscal deficit in the April-October period of the financial year 2024-25 has been Rs 7.51 lakh crore, which was Rs 8.04 lakh crore last year. This is 46.5 percent of the target of Rs 16.13 lakh crore for the entire financial year.
The total expenditure in the April-October period of the current financial year stood at Rs 24.74 lakh crore, compared to Rs 23.94 lakh crore in the same period of the financial year 2023-24.
The total receipts between April and October of the financial year 2024-25 have been Rs 17.23 lakh crore. It was Rs 15.91 lakh crore in the same period last year.
Capital expenditure between April and October of the current financial year has been Rs 4.67 lakh crore. It was Rs 5.47 lakh crore in the same period last year.
The gross tax income in the April-October period of the financial year 2024-25 stood at Rs 20.33 lakh crore, which was Rs 18.35 lakh crore in the same period last year.
–IANS
ABS/ABM
