AGENCY
new delhi, MAY 30
The Congress on Friday accused the Narendra Modi government of resorting to spin-doctoring by claiming that manufacturing systemic reforms will show results over time. Reacting to the data released by the Ministry of Statistics and Programme Implementation showing real GDP growth in Q4 of 2024-25 accelerated to 7.4 percent, and was the fastest quarterly growth in the year, and that the manufacturing sector’s growth stood at 4.8 percent in Q4 of FY25, was the second fastest quarterly growth in the year, on a high base of 11.3 percent in Q4 of the previous year, Jairam Ramesh said, “The annual real GDP growth at 6.5 percent is a sharp deceleration from the growth witnessed even in FY22-23, and far removed from the high growth record of 7.7 percent annually during Dr Manmohan Singh’s decade as PM. ” Asserting that the “fine print raises more concerns,” Mr Ramseh said, “India’s demographic dividend and favourable international geopolitics offer us a historic opportunity to embark on a high growth sprint over the next two-three decades. In these circumstances, 6.5 percent growth is a significantly below par performance unlikely to be improved given tepid consumption growth, stagnant real wages, sharpening inequalities, and continued lukewarm private investment rates within the country.”
The NSO, under the Ministry of Statistics and Programme Implementation, on Friday released the Provisional Estimates of Annual Gross Domestic Product for the financial year 2024-25, along with the Quarterly Estimates for the January–March period (Q4) of the same year.
India’s real GDP at constant (2012-12) prices is estimated to have grown by 6.5% in FY 2024-25, reaching Rs 187.97 lakh crore, compared to Rs 176.51 lakh crore in 2023-24.
At current prices, the nominal GDP has increased by 9.8 percent, amounting to Rs 330.68 lakh crore, up from Rs 301.23 lakh crore in the previous financial year.
Real Gross Value Added for the year is estimated at Rs171.87 lakh crore, reflecting a 6.4 percent growth from Rs161.51 lakh crore in FY 2023-24. The nominal GVA stands at Rs 300.22 lakh crore, a 9.5 percent increase over the previous year.
In the fourth quarter (January to March) of FY 2024-25, real GDP rose to Rs 51.35 lakh crore, a 7.4 percent increase from Rs 47.82 lakh crore in Q4 of FY 2023–24. Nominal GDP during the same period reached Rs 88.18 lakh crore, reflecting a 10.8 percent growth.
Real GVA in Q4 stood at Rs 45.76 lakh crore, up 6.8 percent from Rs 42.86 lakh crore, while nominal GVA reached Rs 79.46 lakh crore, marking a 9.6 percent increase.
