Growth hits 4-yr low

At 6.5 per cent, India’s GDP for the financial year 2024-25 grew at its slowest pace since the pandemic year of 2020-21, mainly on account of a slump in the manufacturing sector even as growth in the farm sector, the backbone of India’s economy, accelerated.

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In the 2023-24 fiscal year, the economy had grown by 9.2 per cent. However, private consumer spending, which makes up 57 per cent of GDP, slowed to a year-on-year increase of 6 per cent in the March quarter, down from a revised 8.1 per cent growth in the previous quarter. This decline was attributed to a decrease in urban spending, while rural demand for durable goods and agricultural equipment, such as tractors, showed improvement

PNN & AGENCIES

New Delhi, May 30: India’s economic growth slowed to 7.4 per cent in the January-March period, and pulled down the annual growth rate for 2024-25 to a four-year low of 6.5 per cent, mainly due to the manufacturing sector, official data showed Friday.