India’s economic expansion slowed to 6.7% for the April-June quarter of FY 2024-25, marking the lowest growth rate in five quarters. This figure falls short of the Reserve Bank of India’s (RBI) projection of 7.2% and is significantly lower than the 8.2% growth seen in the same quarter last year.
Despite this dip, India remains the fastest-growing major economy in the world, outpacing China, which recorded a quarterly GDP growth rate of 4.7%.
Sector Highlights
- Agriculture: Growth in the agriculture sector declined to 2% from 3.7% a year prior.
- Manufacturing: The manufacturing sector saw an increase, growing by 7%, up from 5% in the previous year.
Outlook for FY 2025
Looking ahead, India’s economy is anticipated to grow at over 7% for the full fiscal year 2025, according to Moneycontrol, reflecting continued resilience despite the recent slowdown.
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