Q1FY25 GDP Growth Explained: First GDP Numbers Post-Election & Budget 2024

India's economy grew at 6.7% in the April-June quarter of FY25 over the growth rate of 8.2% in Q1 of FY 2023-24. This figure reflects a deceleration from the 7.8% growth seen in the previous quarter of FY24 and 8.2% in the corresponding period last year.“Real GDP has been estimated to grow by 6.7% in Q1 of FY 2024-25 over the growth rate of 8.2% in Q1 of FY 2023-24,” the finance ministry said in a statement.The latest National Statistical Office (NSO) data stated India’s gross value added or GVA, which is GDP minus net product taxes and reflects growth in supply, also grew 6.8 per cent during April-June 2024.The Reserve Bank of India's forecast was 7.1% growth in the first quarter. Analysts predicted growth in the range of 6%-7.1% for Q1 FY25, compared with 7.8% in the previous quarter (Q4 FY24). ICRA anticipated a 6% growth, while State Bank of India (SBI) and Anand Rathi Research expected a growth rate of 7.1% and 7%, respectively. Acuite Ratings & Research forecasts a 6.4% growth, and the Reserve Bank of India (RBI) also projects a 7.1% increase in GDP for the April-June 2024 quarter.Watch Business Today TV Managing Editor Siddharth Zarabi in conversation with Madan Sabnavis, Chief Economist, Bank of Baroda, Saugata Bhattacharya, Economist and Rumki Majumdar, Economist, Deloitte India.