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GDP is used to track economy health. It shows the value of all the goods and service created within a fixed time within the country.
India’s GDP growth rate is expected to reach 6.7% in the fourth quarter of FY 2024-25. This growth is slightly higher than 6.2% of the previous quarter (Q3). GDP has been estimated to increase due to increase in rural demand, boom in government spending and better exports.
The central government is going to release GDP figures for the fourth quarter of FY 2025 at 4 pm on May 30, today.
GDP growth was 6.2% in the third quarter
GDP growth was 6.2% in the October-December quarter of FY 2024-2025. It was 8.4% in the same quarter of a year ago (Q3 FY24). The data was released by the National Statistics Office (NSO) on Friday 28 February.
The condition of GDP for the last 5 years
- 2020: -5.8% (decline due to Kovid -19 epidemic)
- 2021: 9.7% (Indication of Strong Rebound after epidemic)
- 2022: 7.0% (Standing development)
- 2023: 8.2% (Economic reforms continue)
- 2024: 6.5% (Estimates of growth reduction, still strong growth)
Nagswaran said- To meet the target, you will have to increase at the rate of 7.6%
V. Anantha Nagaswaran, Chief Economic Advisor to the Government of India, said that the economy would have to grow at a rate of 7.6% in the fourth quarter (January-March) to complete a growth target of 6.5% in FY 2024-25. Along with this, he had said that Prayagraj Mahakumbh Economy will get boost. This will help in completing 6.5% GDP growth target.
What is GDP?
GDP is used to track economy health. It shows the value of all the goods and service created within a fixed time within the country. It also includes foreign companies that produce by staying inside the country’s border.
There are two types of GDP
There are two types of GDP. Real GDP and Nominal GDP. In real GDP, the calculation of goods and service values is performed at the value or stable price of the base year. Currently, the base year is 2011-12 for calculating GDP. At the same time, the calculation of nominal GDP is done at the current price.
How GDP is calculated?
A formula is used to calculate the GDP. GDP = c+g+i+NX, here C means private conjpction, G means government spending, I mean investment and NX means net export.
Who is responsible for GDP’s grip?
There are four important engines to reduce or increase GDP. The first is, you and us. The more you spend, it contributes to our economy. The second is the business growth of the private sector. It contributes 32% to GDP. The third is government expenditure.
This means how much the government is spending in producing goods and services. It contributes 11% to GDP. And the fourth is, net demand. For this, India’s total exports are reduced by total imports, as India has more imports than exports, so its impact is negative on GPD.
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