India’s GDP growth grew at 6.2% in Q3FY25
The government, the Statistics Ministry, releases quarterly GDP growth data. The data is of October-December 2024 (Q3 of 2024-25 or FY25). India’s real Gross Domestic Product grew 6.2 per cent. It was 5.6 per cent in July-September 2024 (Q2). In Q3 of 2023-24, the GDP had grown 9.5 per cent.
The National Statistical Office put the full-year revised growth target of 6.5%.
The growth momentum in FY25 is mainly on account of a strong agricultural growth rate of 4.6 per cent and an estimated growth of 7.6 per cent in the private final consumption expenditure (PFCE).
But the government’s final consumption expenditure seen slowing to 3.8 per cent.
Gross Fixed Capital Formation (GFCF), seen muted at 6.1 per cent in FY25
Gross value added (GVA), which measures the total value of goods and services produced in an economy, also grew 6.2%
Reserve Bank of India had forecasted 7 percent for the first second quarter.
LEARNING FROM HOME/ WITHOUT CLASSES/ BASICS
GDP (GROSS DOMESTIC PRODUCT)
GDP = C + G +|+ (X-M]
where C= Consumption,
G = Government Spending,
I = Investment, X = Exports, M = Imports
GDP at factor cost = Net Value Addition + Depreciation
Nominal Gross Domestic Product calculated on the basis of current prices. While real GDP calculated on the base year prices
The tertiary sector contributes the most to India’s economy. There are many areas in this sector like the service sector, real estate, hotels and restaurants, telecommunications etc.
GROSS NATIONAL PRODUCT
GNP = GDP + Net Income from Abroad,
*Net Income from abroad includes net
remittances
NET DOMESTIC PRODUCT
NDP = Gross Domestic Product – Depreciation,
Depreciation also called Consumption
of Fixed Capital (CFC)
NET NATIONAL PRODUCT
NNP = GNP – Depreciation,
“NNP at factor cost also called National Income (NI)
3 methods used for calculating national income namely; Income method, expenditure method, and Product method.
The International Monetary Fund releases the World Economic Outlook Report.
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