India's GDP Records 6.5% Growth in FY 2024-25, Q4 Outpaces with 7.4%

PROVISIONAL ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2024-25 AND QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE FOURTH QUARTER (JANUARY-MARCH) OF 2024-25

Provisional Estimates of Real GDP has recorded 6.5% growth rate in FY 2024-25

During Q4 of FY 2024-25, the Real GDP has seen 7.4% growth rate

The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note, the Provisional Estimates (PE) of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25 and Quarterly Estimates of GDP for the January-March Quarter (Q4) of FY 2024-25 along with its Expenditure components both at Constant (2011-12) and Current Prices. Annual and Quarterly estimates of Gross Value Added (GVA) at Basic Prices by kind of economic activity along with year-on-year percent changes, Expenditure components of GDP, Annual estimates of Gross/Net National Income and Per Capita Income for the FY 2022-23, 2023-24 and 2024-25 at Constant and Current Prices are given in Statements 1 to 8 of Annexure A.

Key Highlights

• Real GDP has been estimated to grow by 6.5% in FY 2024-25. Nominal GDP has witnessed a growth rate of 9.8% in FY 2024-25.
• In Q4 of FY 2024-25, Real GDP and Nominal GDP has been estimated to grow by 7.4% and 10.8% respectively.
• 'Construction' sector is estimated to record a growth rate of 9.4% in FY 2024-25, followed by 8.9% growth rate in 'Public Administration, Defence & Other Services' sector and 7.2% growth rate in 'Financial, Real Estate & Professional Services' sector.
• During Q4 of FY 2024-25, 'Construction' sector has witnessed 10.8% growth rate, followed by 8.7% growth rate in 'Public Administration, Defence & Other Services' sector and 7.8% growth rate in 'Financial, Real Estate & Professional Services' sector.
• Primary Sector has seen 4.4% growth rate as compared to growth rate of 2.7% observed in previous financial year. During Q4, FY 2024-25, this sector has observed 5.0% growth rate as compared to 0.8% growth rate in Q4 of previous financial year.
• Private Final Consumption Expenditure (PFCE) has reported 7.2% growth rate during FY 2024-25 as compared to 5.6% growth rate in the previous financial year.
• Gross Fixed Capital Formation (GFCF) has recorded 7.1% growth rate during FY 2024-25 and 9.4% growth rate in Q4, FY 2024-25.

I. Annual Estimates and Growth Rates

Real GDP or GDP at Constant Prices is estimated to attain a level of ₹187.97 lakh crore in FY 2024-25, against the First Revised Estimates (FRE) of GDP for the FY 2023-24 of ₹176.51 lakh crore, registering a growth rate of 6.5%. Nominal GDP or GDP at Current Prices is estimated to attain a level of ₹330.68 lakh crore in the FY 2024-25, against ₹301.23 lakh crore in FY 2023-24, showing a growth rate of 9.8%.

Real GVA is estimated at ₹171.87 lakh crore in the FY 2024-25, against the FRE for the FY 2023-24 of ₹161.51 lakh crore, registering a growth rate of 6.4%. Nominal GVA is estimated to attain a level of ₹300.22 lakh crore during FY 2024-25, against ₹274.13 lakh crore in FY 2023-24, showing a growth rate of 9.5%.

Fig. 1: Annual GDP and GVA Estimates along with Y-o-Y Growth Rates at Constant Prices

Fig. 2: Sectoral Composition and Growth Rates of Annual GVA

Fig. 3: Composition and Growth Rates of Annual GVA in Broad Sectors

II. Quarterly Estimates and Growth Rates

Real GDP or GDP at Constant Prices in Q4 of FY 2024-25 is estimated at ₹51.35 lakh crore, against ₹47.82 lakh crore in Q4 of FY 2023-24, registering a growth rate of 7.4%. Nominal GDP or GDP at Current Prices in Q4 of FY 2024-25 is estimated at ₹88.18 lakh crore, against ₹79.61 lakh crore in Q4 of 2023-24, showing a growth rate of 10.8%.

Real GVA in Q4 of FY 2024-25 is estimated at ₹45.76 lakh crore, against ₹42.86 lakh crore in Q4 of FY 2023-24, registering a growth rate of 6.8%. Nominal GVA in Q4 of FY 2024-25 is estimated at ₹79.46. lakh crore, against ₹72.51 lakh crore in Q4 of FY 2023-24, showing a growth rate of 9.6%.

Fig. 4: Quarterly GDP and GVA Estimates along with Y-o-Y Growth Rates from Q1 FY 2023-24 to Q4 FY 2024-25 at Constant Prices

Fig. 5: Sectoral Composition and Growth Rates of Quarterly GVA

Fig. 6: Composition and Growth Rates of Quarterly GVA in Broad Sectors

[Primary Sector: Agriculture, Livestock, Forestry & Fishing and Mining & Quarrying

Secondary Sector: Manufacturing, Electricity, Gas, Water supply & Other Utility Services and Construction

Tertiary Sector: Trade, Hotels, Transport, Communication and Services related to Broadcasting, Financial, Real Estate & Professional Services and Public Administration, Defence & Other Services]

III. Methodology and Major Data Sources:

Provisional Estimates of Annual GDP and Quarterly Estimates of GDP are compiled using the Benchmark-indicator method i.e., the estimates available for the previous financial year (2023-24) are extrapolated using the relevant indicators reflecting the performance of sectors. The Second Advance Estimates (SAE) of Annual GDP for the financial year 2024-25 were released on 28th February, 2025. These estimates incorporate information on sector-specific indicators pertaining to January-March (Q4) quarter and revised indicators for the earlier released quarters of FY 2024-25.

The sector-wise estimates have been compiled using indicators, received till 27th May, 2025, such as (i) Index of Industrial Production (IIP), (ii) Financial performance of Listed Companies based on available quarterly financial results of these companies up to Q4 of FY 2024-25, (iii) Second Advance Estimates of Crop Production for 2024-25, (iv) Production Estimates of Major Livestock Products, (v) Fish Production, (vi) Production of Coal, Crude Petroleum, Natural Gas, Cement and Consumption of Steel, (vii) Net Tonne Kilometres and Passenger Kilometres for Railways, (viii) Air Passenger and Cargo traffic, (ix) Cargo traffic handled at Major and Minor Sea Ports, (x) Sales of Commercial vehicles, (xi) Bank Deposits and Credits, (xii) Premium related information of Life and Non-Life Insurance Companies, (xiii) Outward Supply of Goods and Services available from GSTN for Q4 of FY 2024-25, (xiv) Accounts of Central & State Governments, (xv) Goods and Services Tax collection in the FY 2024-25 etc. Year-on-Year growth rates (%) reflected in the major indicators used in the estimation are given in the Annexure B.

Total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue. Information from the websites of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products at Current Prices. For compiling taxes on products at constant prices, volume extrapolation is done using volume growth of taxed goods and services. The total product subsidies at current prices for Centre were compiled using information on major subsidies viz, Food, Urea, Petroleum and Nutrient based subsidy along with RE Provision of Centre for FY 2024-25. The total product subsidies at current prices for State were compiled using information on expenditure incurred on total subsidies by States for FY 2024-25. Information available on Revenue expenditure, Interest payments, Subsidies etc. from Centre and States for FY 2024-25 were used for estimating Government Final Consumption Expenditure (GFCE).

Improved data coverage and revision in input data made by source agencies would have a bearing on subsequent revisions of these estimates. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take these into consideration while interpreting the figures. The next release of quarterly GDP estimates for the quarter April-June of FY 2025-26 (Q1 2025-26) will be released on 29.08.2025.

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Annexure A

Annexure B

Year-on-Year Growth Rates (%) in Major Indicators