Official information, CFO Information, ETCFO
As was extensively anticipated, the Indian financial system grew by 6.5 per cent in actual phrases within the just lately concluded monetary 12 months 2024-25, Ministry of Statistics and Programme Implementation’s official information confirmed on Friday.
In response to NSO’s second advance estimates, the nation’s financial system was projected to develop at 6.5 per cent in 2024-25.
The Reserve Financial institution of India had projected 6.5 per cent GDP progress for the fiscal 12 months 2024-25.
In 2023-24, India’s GDP grew by a formidable 9.2 per cent, persevering with to be the fastest-growing main financial system.
In response to official information, the financial system grew 8.7 per cent and seven.2 %, respectively, in 2021-22 and 2022-23.
The Ministry of Finance, in a report in March 2025, anticipated that Indian financial system would obtain a progress fee of 6.5 per cent in 2024-25, regardless of appreciable exterior headwinds.
The Finance Ministry month-to-month report added that the efficiency of the financial system up to now quarters was pushed by sturdy agricultural and repair sector efficiency on the provision facet and a gentle improve in consumption and core merchandise and providers exports on the demand facet.
The official GDP progress information for the January-March quarter was additionally launched right now. The financial system grew 7.4 per cent through the quarter.
Throughout the April-June, July-September, and October-December 2024 quarters, the nation’s financial system, in actual phrases, noticed a progress fee of 6.7 per cent, 5.6 per cent, and 6.2 per cent, respectively.
In a projection on Thursday night, Union Minister for Commerce and Business Piyush Goyal mentioned that India is ready to stay the fastest-growing massive financial system on this planet for the subsequent 30 years.
On the CII annual occasion, Minister Goyal mentioned the nation has maintained a gentle progress fee of 6-7 per cent and goals to push it additional to eight per cent at fixed costs. He famous that regardless of international uncertainties, India stays one of many best-performing rising markets.
This February, the World Financial institution mentioned India might want to develop by 7.8 per cent on common over the subsequent 22 years to attain its aspirations of turning into a developed nation by 2047. Nonetheless, the World Financial institution asserted that getting there would require reforms and their implementation to be as formidable because the goal itself.
To understand the imaginative and prescient of ‘Viksit Bharat’, a developed nation dream by 2047, India might want to obtain a progress fee of round 8 per cent at fixed costs, on common, for a few decade or two, the Financial Survey doc for 2024-25 tabled on January 31 asserted.
India has made fairly a turnaround, climbing the ladder of financial progress. This may be gauged from the eleventh in 2013-14, India has positioned itself to change into the fourth largest financial system. At the same time as India has overtaken many nations by way of the dimensions of the financial system over the previous decade, the per capita revenue in India stays very low.
In 2013, India was positioned within the league of ‘Fragile 5’ economies. The time period ‘Fragile 5’ was coined by a Morgan Stanley analyst and refers to a set of 5 rising nations, together with India, whose economies weren’t doing nicely. The opposite 4 nations had been Brazil, Indonesia, South Africa, and Turkey.
