The country’s economic growth declined to 5.4 percent in the July-September quarter of the current financial year due to poor performance of the manufacturing sector, which is its lowest level in almost two years. This information was given in the official figures announced on Friday. The economic growth rate in the same quarter a year ago was 8.1 percent.
The previous low level of gross domestic product (GDP) growth was 4.3 percent, which was recorded in the October-December quarter of the financial year 2022-23. However, India remained the fastest growing major economy. China’s GDP growth rate in the July-September quarter this year was 4.6 percent.
This came to light in government figures
National Statistical Office (NSO) data shows that the agriculture sector grew by 3.5 percent in the July-September quarter of financial year 2024-25 compared to 1.7 percent in the same period a year ago. The growth rate of the manufacturing sector fell to 2.2 percent in the last quarter, whereas a year ago it had registered a growth of 14.3 percent.
With the arrival of the GDP figures of the second quarter, the GDP growth in the first half of the current financial year has been estimated at six percent. GDP growth in the first half of the last financial year was 8.2 percent. GDP growth in the first quarter of the current financial year remained unchanged at 6.7 percent.
Fiscal deficit was 46.5 percent
The Centre’s fiscal deficit reached 46.5 percent of the full year’s target in the first seven months of the financial year 2024-25. This information was given in government data on Friday. According to data from the Controller General of Accounts (CGA), the fiscal deficit during the April-October period stood at Rs 7,50,824 crore. The difference between the expenditure and revenue of the government is called fiscal deficit. The deficit in the same period of financial year 2023-24 was 45 percent of the budget estimate.
In the general budget, the government has estimated to bring the fiscal deficit to 4.9 percent of the gross domestic product (GDP) in the current financial year 2024-25. Thus, the government aims to limit the fiscal deficit to Rs 16,13,312 crore during the current financial year.