Business: In the first quarter of April to June in the financial year 2024-25, the GDP was 6.7 percent, which was 8.2 percent in the same quarter of the previous financial year. This is the lowest GDP figure in the last five quarters. The Reserve Bank of India, the regulator of the banking sector, had estimated 7.1 percent GDP in the first quarter of the current year.  

GDP stood at 6.7 percent as against 8.2 percent

The NSO of the Ministry of Statistics has released the GDP data for the first quarter of the current financial year. According to this data, the economic growth rate has increased by 6.7 percent in the first quarter of 2024-25, which grew at the rate of 8.2 percent in the first quarter of the last financial year 2023-24. That is, there has been a decrease of 1.5 percent in the growth rate as compared to last year. In the first quarter of 2024-25, the real GDP at constant price was Rs 43.64 lakh crore, which was 40.91 percent in the first quarter of the last financial year.  

Poor performance of agriculture sector

If we look at the growth rate of different sectors in the first quarter of 2024-25, the growth rate of the primary sector has been 2.7 percent in the first quarter of the financial year 2024-25, which was 4.2 percent in the same quarter of the previous financial year. In this, the growth rate of agriculture, livestock, forestry fishing has been only 2 percent, which was 3.7 percent in the same quarter of the previous financial year. Mining and quarrying grew at the rate of 7.2 percent in the first quarter of this financial year, which had registered a growth rate of 7 percent in the same quarter last year.  

Manufacturing sector performs well

The growth rate of the secondary sector has been 8.4 percent in the first quarter of the current financial year, which was 5.9 percent in the same quarter of the previous financial year. The manufacturing sector growth rate has been 7 percent, which was 5 percent last year. The growth rate of electricity, gas, water supply and other utility services has been 10.4 percent in the first quarter of this financial year, which was 3.2 percent in this quarter of the previous financial year. Construction registered a growth rate of 10.5 percent, which was 8.6 percent in the previous financial year. 

The growth rate of the territory sector has been 7.2 percent, which was 10.7 percent in the same quarter of the previous financial year. The growth rate of trade hotels, transport, communication and services related to broadcasters has been 5.7 percent, which was 9.7 percent last year. The growth rate of financial, real estate and professional services has been 7.1 percent, which was 12.6 percent last year. The growth rate of public administration, defense and other services has been 9.5 percent, which was 8.3 percent in the same quarter of the previous financial year.