The Indian economy has witnessed a growth rate of 6.7 per cent in the April-June quarter of the financial year 2024-25, according to official data from the Ministry of Statistics and Programme Implementation. This is a decrease from the 8.2 per cent growth recorded in the same quarter of the previous fiscal year. The nominal GDP has also seen growth, with a rate of 9.7 per cent in the April-June quarter of 2024-25 compared to 8.5 per cent in the previous year.
The Reserve Bank of India has projected a GDP growth rate of 7.2 per cent for the fiscal year 2024-25, with growth expected to be 7.1 per cent in Q1, 7.2 per cent in Q2, 7.3 per cent in Q3, and 7.2 per cent in Q4. India’s GDP grew by 8.2 per cent in the financial year 2023-24, maintaining its position as the fastest-growing major economy. This growth follows a 7.2 per cent increase in 2022-23 and 8.7 per cent in 2021-22, as per official data released.
Several global rating agencies and multilateral organizations have revised their growth forecasts for India upwards. The International Monetary Fund (IMF) raised India’s growth projections for 2024 from 6.8 per cent to 7 per cent in July, highlighting the country’s status as the fastest-growing economy among emerging markets and developing economies. The IMF attributed this growth to robust domestic demand and a rising working-age population.
The Economic Survey presented in Parliament projected India’s real GDP growth at 6.5-7 per cent for 2024-25, acknowledging that market expectations are even higher. Real GDP growth represents economic growth adjusted for inflation. The World Bank has also increased its forecast for India’s GDP growth for the current financial year to 6.6 per cent from the previous projection of 6.4 per cent. Despite a slightly moderated pace of expansion, India is expected to remain the fastest-growing among the world’s largest economies.
Overall, the Indian economy has shown resilience and strength in the face of various challenges, with growth rates that continue to outpace many other countries. The projections from key organizations like the IMF and World Bank indicate confidence in India’s ability to maintain its position as a top performer in the global economy. As the country navigates through the ongoing pandemic and other uncertainties, these positive growth forecasts provide a glimmer of hope for a brighter economic future.
