Suspense Crime Sach Ka Dam
GDP Data: GDP growth figures for the second quarter of FY 2024-25 are out. According to the data released by the government, India’s economic growth declined to 5.4% in the second quarter. Let us tell you that in the second quarter of the last financial year 2023-24, India’s GDP was 8.1 percent. Not only this, the country’s GDP was 6.7 percent in the first quarter of the current financial year. Let us tell you that economic giants had already predicted a slowdown in the country’s economic growth. He blamed weak consumption, low government spending and the impact of adverse weather on key industries for the slowdown in GDP growth. A survey of economists of the country had estimated GDP growth to be 6.5%, while a Reuters poll had made a similar estimate, which was lower than the Reserve Bank of India’s (RBI) estimate of 7%.
There has been a huge drop in the growth rate of the manufacturing sector
Real Gross Value Added (GVA), a key measure of economic activity, grew at 5.6% in Q2 FY25, down sharply from 7.7% in Q2 last year. The manufacturing sector recorded a very slow growth of 2.2% in Q2 FY25, as against 14.3% in Q2 last year. Mining sector growth also declined to -0.1% from 11.1% in Q2 last year.
Better results came from agriculture and services related sectors
In addition, the agriculture and allied sectors have bounced back, registering a growth rate of 3.5% in Q2 FY2024-25, as against a growth rate of 0.4% to 2.0% during the previous four quarters. In the construction sector, the growth rate stood at 7.7% in Q2 FY2024-25 as a result of sustained domestic consumption of steel. The services sector witnessed a growth rate of 7.1% during Q2 FY2024-25, as against 6.0% in Q2 of the previous fiscal.
How were the fiscal deficit figures
The Centre’s fiscal deficit reached 46.5 per cent of the full-year target in the first seven months of FY 2024-25. According to data from the Controller General of Accounts (CGA), the fiscal deficit during the April-October 2024 period was Rs 7,50,824 crore. The difference between government expenditure and revenue is called fiscal deficit. The fiscal deficit in the same period of FY 2023-24 was 45 per cent of the budget estimate.
