Blitz Bureau
NEW DELHI: India’s economy clocked a GDP growth rate of 5.4 per cent for the second quarter (July-September) of the current financial year, according to the data released by the Ministry of Statistics on November 29.
Although the GDP growth has slowed during the second quarter, India still remains the fastest growing major economy in the world as China recorded a 4.6 per cent growth during the July-September quarter.
Despite sluggish growth observed in Manufacturing (2.2 per cent) and Mining &Quarrying (-0.1 per cent) sectors in Q2 of FY 2024-25, real gross value added (GVA) in H1 (April-September) has recorded a growth rate of 6.2 per cent.
The agriculture and allied sector has bounced back by registering a growth rate of 3.5 per cent in Q2 of FY 2024-25 after sub-optimal growth rates ranging from 0.4 per cent to 2 per cent observed during previous four quarters.
In the construction sector, sustained domestic consumption of finished steel has resulted 7.7 per cent and 9.1 per cent growth rates respectively in Q2 and H1 of FY 2024-25, according to the official statement.
The tertiary sector has clocked a growth rate of 7.1 per cent in Q2 of FY 2024-25, as compared to the growth rate of 6 per cent in Q2 of the previous financial year.
In particular, Trade, Hotels, Transport, Communication & Services related to Broadcasting has seen a growth rate of 6 per cent in Q2 of FY 2024-25 over the growth rate of 4.5 per cent in Q2, 2023-24.
Another positive feature observed in the Private Final Consumption Expenditure has witnessed a growth rate of 6 per cent and 6.7 per cent respectively in Q2 and H1 of the FY 2024-25 over the growth rate of 2.6 per cent and 4 per cent in Q2 and H1 of the previous financial year.
