India GDP growth News

The Current Account Deficit or CAD (as per cent of GDP) is projected at 1.0 per cent in FY25 and 0.9 per cent in FY26, while the fiscal deficit is estimated at 4.4 per cent, according to a CareEdge Ratings report.

For India, the global ratings agency reduced GDP growth estimates for both the 2024-25 fiscal year and the current 2025-26 fiscal year by 10 basis points to 6.2 per cent and 6.4 per cent, respectively, amid fears of a global trade war.

Government capital expenditure surged to Rs 2.7 lakh crore, marking about a 30 per cent increase compared to the average of the first two quarters which was a bit muted due to general elections.

Private consumption grew 6.7 per cent on average in the first half of this fiscal, compared with 4.1 per cent in the corresponding period last year.  

India remained the fastest-growing major economy as China's GDP growth in the July-September quarter this year was 4.6 per cent.

The rating agency also retained India's growth forecast for FY 2025-26 at 6.9 per cent. Meanwhile, S&P further reduced China's GDP growth to 4.3 per cent in the calendar year 2025.

According to a recent report by the State Bank of India (SBI), the moderation in India's GDP growth for the first quarter (Q1) of the financial year 2024-25 (FY25) is still higher than the average decadal growth of 6.4 per cent for Q1.

According to the National Statistical Office (NSO) data, the agriculture sector gross value added (GVA) growth decelerated to 2 per cent from 3.7 per cent in the April-June quarter of 2023-24.

India recorded a 7.8-per cent GDP growth in the April-June period of 2023-24, the highest in the last four quarters, on the back of double-digit expansion in the services sector. 

The External Affairs Minister has said it is important for India to move to a "strategic economy, have a clear sense of who are our partners, where are our opportunities.''

Projecting a growth rate of 6.8 per cent and 6.1 per cent in the current and the next fiscal respectively: IMF. These projections are much better than they have been projecting earlier, Nada, IMF's India Mission Chief, said. We are seeing the global economy slowing down next year.

India's GDP grows at 13.5 % in April-June 2022-23. RBI predicted the GDP growth rate to touch 16.2 per cent in Q1 FY23. In the four months from April to June 2022, China's economy grew by 0.4%.

BoB said it expects the economy to post higher growth in the last quarter ended March 2022. Contact-intensive sectors are expected to make stronger recovery, the report said. A much needed pick up will be visible in services sector, it added.

In the first quarter of FY 22, the economy grew 20.1 per cent. For the fiscal 2022, RBI has estimated real GDP growth to be at 9.5 per cent -- 7.9 per cent in Q2, 6.8 per cent in Q3 and 6.1 per cent in Q4.

Pace of GDP growth in ongoing quarter may be tempered. Recent surge in COVID-19 cases resulted in a dip in consumer confidence. Reignited uncertainty regarding the near-term outlook.

GDP for the second quarter of 2020-21. Q2 GDP both at Constant and Current Prices. Q1 GDP had slowed down to 23.9 percent.

CEA said railway freight traffic has reached 95% of the level seen in July last year and was 6% higher in the first 26 days of August, compared to the same time last year Power consumption is just 1.9% lower than last year, he said, adding "E-way bills capture interstate trade, and yet the e-way bills are at 99.8 percent in August so far" Talking about 8 core infrastructure sectors, he said core sector output declined by 38% in April, but since then the rate of contraction has come down to 22% in May, 13% in June, and 9.6% in July

GDP at Constant Prices in Q1 is estimated at Rs 26.90 lakh crore. Quarterly GVA at Basic Price at Constant Prices for Q1 of 2020-21 is estimated at Rs 25.53 lakh crore. The COVID-19 led restrictions had impact on economic activities.

On May 2, Prime Minister Narendra Modi, however, underlined the need for new structural reforms and expedite work on infrastructure projects to revive the economy reeling under the impact of lockdown.