Key Points
- Q3 GDP growth of 6.2% higher than previous quarter's 5.6%
RBI projected 6.8% growth
Annual GDP expected at 6.5%
The October-December growth is higher than the July-September quarter. In July-September, the GDP grew by 5.6 per cent.
The October-December quarterly growth was however lower than RBI's forecast of 6.8 per cent.
The GDP numbers in April-June and July-September too grew at a slower pace than was estimated by the central bank. The weak GDP numbers can be gauged from the consumption in the economy and latest stock market performance.
The RBI has projected real GDP growth for 2024-25 at 6.6 per cent. In the January-March quarter, the GDP is expected to grow 7.2 per cent, RBI projected in December monetary policy.
According to the Ministry of Statistics and Programme Implementation's estimates, the Indian economy, in real terms, is expected to grow by 6.5 per cent in 2024-25 as compared to the 8.2 per cent growth in 2023-24. It is 10 basis points less than RBI estimates.
Nominal GDP is expected to witness a growth rate of 9.7 per cent in 2024-25 over the growth rate of 9.6 per cent in 2023-24.
In 2025-26, the Indian economy is projected to grow between 6.3 per cent and 6.8 per cent, as noted in the Economic Survey presented on January 31.
India's GDP grew by an impressive 8.2 per cent during the financial year 2023-24 and continued to be the fastest-growing major economy. The economy grew by 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22.
This afternoon, World Bank said India will need to grow by 7.8 per cent on average over the next 22 years to achieve the country's aspirations of becoming a developed country by 2047.
Getting there however would require reforms and their implementation to be as ambitious as the target itself, the World Bank said in a statement today.
