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India's economic development decreases in 2024-2025
(MENAFN) India’s economy is expected to grow at a slower rate of 6.4 percent for the financial year from April 2024 to March 2025, marking its lowest pace in four years, largely due to weaker performances in the manufacturing and services sectors, according to government data released on Tuesday.
This projected growth rate would be the lowest since the pandemic year of 2020-21, when the economy shrank by 5.8 percent. In comparison, the country saw growth rates of 9.7 percent in 2021-22, 7 percent in 2022-23, and 8.2 percent in the fiscal year that ended in March 2024.
Government figures released in December showed a GDP growth of 5.4 percent in the second quarter (July-September), the lowest in seven quarters. India’s Finance Minister Nirmala Sitharaman referred to the GDP decline during the July-September period as a “temporary blip.”
The government remains optimistic about a recovery by the end of this fiscal year, as noted in the Finance Ministry’s November 2024 economic review. However, the report recognized that India, the world’s fastest-growing major economy, faced some challenges during the first half of the current financial year. For the 2025 financial year, the government projects a growth rate of about 6.5 percent, slightly revised down from the earlier estimate of 6.5 percent to 7 percent.
This projected growth rate would be the lowest since the pandemic year of 2020-21, when the economy shrank by 5.8 percent. In comparison, the country saw growth rates of 9.7 percent in 2021-22, 7 percent in 2022-23, and 8.2 percent in the fiscal year that ended in March 2024.
Government figures released in December showed a GDP growth of 5.4 percent in the second quarter (July-September), the lowest in seven quarters. India’s Finance Minister Nirmala Sitharaman referred to the GDP decline during the July-September period as a “temporary blip.”
The government remains optimistic about a recovery by the end of this fiscal year, as noted in the Finance Ministry’s November 2024 economic review. However, the report recognized that India, the world’s fastest-growing major economy, faced some challenges during the first half of the current financial year. For the 2025 financial year, the government projects a growth rate of about 6.5 percent, slightly revised down from the earlier estimate of 6.5 percent to 7 percent.
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