India’s gross domestic product estimates for financial year 2024-25 have been maintained at 6.4%, the Ministry of Statistics said on Tuesday.

The ministry expected an uptick in agricultural and industrial activity, along with resilient rural demand in the second half to keep India on a growth path towards achieving 6.4-6.8 per cent expansion by the end of the financial year.

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The GDP estimate is significantly lower than the 8.2% GDP growth witnessed in the previous financial year 2023-24.

“Real GDP or GDP at Constant Prices is estimated to attain a level of ₹184.88 lakh crore in the financial year 2024-25, against the Provisional Estimate of GDP for the year 2023-24 of ₹173.82 lakh crore,” Ministry of Statistics and Programme Implementation said in its official release.

The agriculture and allied sector has shown a significant improvement as the Real GVA growth estimated at 3.8% in FY25, a marked increase from the previous year’s 1.4%.

The construction sector and the financial, real estate and professional services sector are also expected to experience strong growth with Real GVA is projected to rise by 8.6%.

As per the MoSPI analysis, the financial, real estate and professional services sector is expected to grow by 7.3%.

Private Final Consumption Expenditure (PFCE) at Constant Prices, has witnessed a growth rate of 7.3% during FY 2024-25 over the growth rate of 4.0% in the previous Financial Year.

Government Final Consumption Expenditure (GFCE) at Constant Prices, has rebounded to a growth rate of 4.1% as compared to the growth rate of 2.5% in the previous Financial Year.

Notably, the PFCE is a key indicator of domestic consumption, reflecting the spending behavior of households. Growth of PFCE highlights an improvement in consumer confidence, spending power, and overall economic recovery.

The ministry said the Nominal GDP or GDP at Current Prices is estimated to attain a level of ₹324.11 lakh crore in the year 2024-25, against ₹295.36 lakh crore in 2023-24, showing a growth rate of 9.7%.

Real GVA is estimated at ₹168.91 lakh crore in the year 2024-25, against the PE for the year 2023-24 of ₹158.74 lakh crore, registering a growth rate of 6.4% as compared to 7.2% growth rate in 2023-24.

Nominal GVA is estimated to attain a level of ₹292.64 lakh crore during FY 2024-25, against ₹267.62 lakh crore in 2023-24, showing a growth rate of 9.3%.