Sunday, 23 Mar, 2025
India’s real GDP, measured at constant prices, is estimated to have reached ₹47.17 lakh crore in the third quarter (Q3) of FY 2024-25. Image Source: IANS
The latest estimates peg nominal GDP at ₹331.03 lakh crore ($3,784.5 billion) for FY25, up from ₹301.23 lakh crore ($3,443.78 billion) in FY24.
India’s real Gross Domestic Product (GDP) is projected to expand by 6.5 percent in the fiscal year 2024-25 (FY25), marking a slowdown from the 9.2 percent growth recorded in FY24, according to the second advance estimates released by the National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI). Meanwhile, the nominal GDP is expected to grow at a rate of 9.9 percent in the upcoming fiscal year.
The latest estimates peg nominal GDP at ₹331.03 lakh crore ($3,784.5 billion) for FY25, up from ₹301.23 lakh crore ($3,443.78 billion) in FY24. Both real and nominal GDP growth projections have been revised upwards from the earlier first advance estimates. India’s economic momentum remained steady in the third quarter (Q3) of FY25, with real GDP growing at 6.2 percent and nominal GDP rising by 9.9 percent. The growth rate for the second quarter (Q2) has also been revised upward to 5.6 percent, according to the ministry’s release.
Source: Ministry of Statistics & Programme Implementation
In FY24, real GDP surged by 9.2 percent—the highest in 12 years, barring the exceptional growth of FY22. A key driver of this expansion was the manufacturing sector, which recorded an impressive 12.3 percent growth. In comparison, the final estimates for FY23 indicated a real GDP growth of 7.6 percent. Private Final Consumption Expenditure (PFCE), a key indicator of consumer demand, is expected to rise by 7.6 percent in FY25, a notable improvement from the 5.6 percent growth seen in FY24.
India’s real GDP, measured at constant prices, is estimated to have reached ₹47.17 lakh crore in the third quarter (Q3) of FY 2024-25, up from ₹44.44 lakh crore in the same period of FY 2023-24, reflecting a growth rate of 6.2 percent. At current prices, nominal GDP for Q3 FY25 is projected at ₹84.74 lakh crore, compared to ₹77.10 lakh crore in Q3 FY24, registering a growth rate of 9.9 percent.
Source: Ministry of Statistics & Programme Implementation
Meanwhile, real Gross Value Added (GVA) for Q3 FY25 is estimated at ₹43.13 lakh crore, an increase from ₹40.60 lakh crore in the corresponding quarter of the previous fiscal, indicating a 6.2 percent growth. Nominal GVA stands at ₹77.06 lakh crore for Q3 FY25, up from ₹69.90 lakh crore in Q3 FY24, marking a 10.2 percent expansion.
The Second Advance Estimates (SAE) of Annual GDP and Quarterly GDP are prepared using the Benchmark-Indicator method, which involves extrapolating estimates from the previous financial year (2023-24) based on sector-specific performance indicators. The First Advance Estimates (FAE) of GDP for FY 2024-25 were released on January 7, 2025. These projections were based on limited data and used the Provisional Estimates of 2023-24 as the benchmark. However, for the compilation of SAE 2024-25, the Provisional Estimates from FAE have been replaced with the First Revised Estimates (FRE) of 2023-24, which incorporate detailed industry-wise and institutional data.
The differences between SAE and FAE stem from the revision of benchmark estimates and the inclusion of additional or updated sectoral data. Furthermore, quarterly GDP estimates from previous years, along with the First and Second Quarter estimates of 2024-25 released earlier, have been revised in accordance with the National Accounts revision policy.
