India's GDP Grew By 6.5% In 2024-25, Q4 Growth At 7.4%

India's GDP grew by 6.5% in 2024-25 and the last quarter of the year, between January and March, saw a growth of 7.4%, the Centre said on Friday.

Data released by the National Statistics Office said real GDP has been estimated to grow by 6.5% in Financial Year (FY) 2024-25 and nominal GDP has risen by 9.8%. The real GDP growth in 2023-24 was 9.2%.

In the last quarter (Q4) of the financial year, the real GDP grew by 7.4% and nominal by 10.8%. The real GDP growth was 6.2% in the third quarter. 

During Q4, the construction sector saw the highest growth rate of 10.8% and this was followed by 8.7% growth in the 'public administration, defence and other services' sector and 7.8% in the 'financial, real estate and professional services' sector.

Consumption has increased in 2024-25, with private final consumption expenditure (PFCE) growing by 7.2% against 5.6% in the previous financial year.

The Q4 GDP figure also means that India has retained the tag of the fastest-growing major economy. 

On Thursday evening, Union Minister for Commerce and Industry Piyush Goyal had said that India is set to remain the fastest-growing large economy in the world for the next 30 years.

Addressing the annual event of the Confederation of Indian Industry, Mr Goyal said the country has maintained a steady growth rate of 6-7% and aims to push it further to 8% at constant prices. He noted that, despite global uncertainties, India remains one of the best-performing emerging markets.

This February, the World Bank had said India will need to grow by 7.8 per cent on average over the next 22 years to achieve its aim of becoming a developed country by 2047.

(With inputs from ANI)