• • GDP Growth: Grew by 6.7% in Q1 2024-25, down from 8.2% in Q1 2023-24.
  • Forecast vs. Actual: Below RBI forecast of 7.1% for Q1 2024-25.
  • Lowest Growth: Lowest in the last 15 months; previously lowest at 6.2% in Jan-Mar 2023.
  • Release Date: Data released by the Ministry of Statistics and Programme Implementation on 30 August 2024.
• Reasons for Decline:

• • • Reduced government spending due to election-related restrictions.
    • Decline in agriculture sector growth due to extended heat waves.
  • Global Context: Despite lower growth, India remains the fastest-growing major economy. China’s GDP grew by 4.7% in the same period.
• Statistical Data:

• • Real GDP: Rs 43.46 lakh crore; Growth: 6.7%.
  • Nominal GDP: Rs 77.31 lakh crore; Growth: 9.7%.
  • Real GVA: Rs 40.73 lakh crore; Growth: 6.8%.
  • Nominal GVA: Rs 70.23 lakh crore; Growth: 9.8%.

Sector-wise Real GVA Growth Q1 2024-25:

• Primary Sector: 2.7%
  • • Agriculture, Livestock, Forestry, Fishing: 2.0%
    • Mining and Quarrying: 7.2%
• Secondary Sector: 8.4%

• • Manufacturing: 7.0%
  • Electricity, Gas, Water Supply, Utilities: 10.4%
  • Construction: 10.5%

• Tertiary Sector: 7.2%
  • Trade, Hotels, Transport, Communication, Broadcasting: 5.7%
  • Financial, Real Estate, Professional Services: 7.1%
  • Public Administration, Defence, Other Services: 9.5%

Additional Information:

• Gross Domestic Product (GDP)
  • • Total value of all final goods and services produced within a country in a specific period.
    • Nominal GDP: Measured at current prices; does not account for inflation.
    • Real GDP: Adjusted for inflation; reflects true economic growth.
• Gross Value Added (GVA)

• • • Value of goods and services produced minus the cost of inputs and raw materials.
    • Formula: GVA = GDP + Subsidies on Products – Taxes on Products.
    • Indicates sectoral contribution to the economy.
• Gross State Value Added (GSVA)

• • • Similar to GVA but calculated at the state level.
    • Shows the economic performance and sector contributions of individual states.
• Difference Between GDP and GVA

• • • GDP: Includes taxes and excludes subsidies on products.
    • GVA: Excludes taxes and includes subsidies on products, focusing on value addition by sectors.
• Sectoral Value Added

• • Measures value added by specific sectors (agriculture, industry, services) to the economy.