look news india
New Delhi: Due to weak performance of manufacturing sector, the country’s economic growth in the January-March quarter of FY 2024-25 has slowed down to 7.4 percent. According to the official data released today, the GDP growth rate for the entire financial year 2024-25 has come to a four-year low of 6.5 percent. The size of the Indian economy has increased to Rs 330.68 lakh crore or 3.9 trillion dollars. The government has targeted to increase the size of the economy to five trillion dollars in the next five years.
The GDP growth rate was 9.2 percent in the last financial year 2023-24. China’s GDP increased by 5.4 percent in the January-March quarter.
According to data released by the National Statistics Office (NSO), GDP growth in the April-June quarter of FY 2024-25 was 6.5 percent, 5.6 percent in the July-September quarter, 6.4 percent in the October-December quarter and 7.4 percent in the January-March quarter. Significantly, the GDP was 8.4 percent in the January-March quarter of FY 2023-24. In February, the NSO had estimated the GDP growth rate of 6.5 percent for FY 2024-25.
On an annual basis, the growth rate of manufacturing sector has come down from 12.3 percent to 4.5 percent. However, the growth rate of agriculture sector has increased from 2.7 percent to 4.6 percent.
The growth rate of manufacturing sector in the fourth quarter declined from 11.3 percent to 4.8 percent in the fourth quarter of the previous year. The growth rate of construction sector in January-March increased from 8.7 percent to 10.8 percent in the fourth quarter of the previous year. In the last quarter of 2024-25, the growth of the agricultural sector increased from 0.9 percent to 5.4 percent compared to the fourth quarter of the previous year.
Electricity, gas, water supply and other utility services increased at a rate of 5.4 percent in the fourth quarter. A year ago, this utility service increased at a rate of 8.8 percent in the same period.
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Is the Indian economy the fourth or fifth largest economy in the world?
New Delhi: Recently, NITI Aayog announced that the Indian economy has become the fourth largest economy in the world, leaving behind Japan. However, NITI Aayog has shown haste in declaring India as the world’s fourth largest economy. Because according to GDP data released by the National Statistics Office (NSO) today, the Indian economy size was $ 3.9 trillion in FY 2024-25. According to which the Indian economy ranks fifth in the world. However, the NSO further said that in FY 2025-26, the Indian economy will overtake Japan to become the fourth largest economy in the world.
