India GDP Q1 Growth Forecast: Slowdown to 6.7% Noteworthy

Friday, 30 August 2024, 06:00

GDP growth Q1 in India has fallen to 6.7%, marking the lowest level in five quarters. This India's GDP forecast reflects challenges despite remaining the fastest-growing major economy, displaying contrasting performance with a year-ago figure of 8.2%.
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India GDP Q1 Growth Forecast: Slowdown to 6.7% Noteworthy

India GDP Q1 Growth Analysis

As reported by the National Statistical Office (NSO), India’s gross domestic product (GDP) growth has slowed to 6.7% in the April-June quarter of financial year 2024-25 (FY 25). This slowdown is significant as it marks the lowest GDP growth seen over the last five quarters.

Impact on Economic Forecast

This latest figure is notably lower than the Reserve Bank of India’s (RBI) forecast of 7.2%. However, despite this deceleration, India remains the fastest-growing major economy globally, particularly in contrast to China's reported quarterly GDP growth of only 4.7%.

Sector Performance Overview

  • In the previous year, GDP growth was at 8.2%.
  • The agricultural sector's growth has decreased to 2% from 3.7% a year prior.
  • Conversely, the manufacturing sector has seen growth rise to 7% compared to 5% last year.

Despite these variances, projections for FY 25 suggest that the Indian economy is still expected to grow above 7%, indicating resilience amid challenges.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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