The GDP growth in the October-December quarter of FY 2024-2025 was 6.2%. It was 8.4% in the same quarter a year ago (Q3 FY24). Today, on Friday, 28 February, the National Statistical Office (NSO) released this data. The economy is expected to grow at a rate of 6.5% in the financial year 2024-2025. Earlier, in the estimate released in January, the growth rate for 2024-25 was estimated at 6.4%, which is the lowest level in 4 years. The GDP growth rate in the last financial year 2023-24 was 8.2%. The GDP growth rate in the first quarter of FY 2024-25 was 6.7%. However, this number fell to 5.4% in the second quarter. Nageshwaran said the status of GDP of the last 5 years – to achieve the target, it will have to grow at the rate of 7.6% Chief Economic Advisor to the Government of India V. Anantha Nageshwaran said that to achieve the growth target of 6.5% in the financial year 2024-25, the economy will have to grow at the rate of 7.6% in the fourth quarter (January-March). Along with this, he said that Prayagraj Mahakumbh will give a boost to the economy. This will help in achieving the GDP growth target of 6.5%. What is GDP? GDP is used to track the health of the economy. It shows the value of all goods and services produced within the country in a fixed time. It also includes foreign companies which produce while staying within the country’s borders. There are two types of GDP There are two types of GDP. Real GDP and Nominal GDP. In real GDP, the value of goods and services is calculated on the value of the base year or stable price. At present, the base year for calculating GDP is 2011-12. Whereas nominal GDP is calculated on current prices. How is GDP calculated? A formula is used to calculate GDP. GDP=C+G+I+NX, here C means private consumption, G means government spending, I means investment and NX means net export. Who is responsible for the increase or decrease in GDP? There are four important engines for increasing or decreasing GDP. First is you and me. Whatever you spend contributes to our economy. Second is the business growth of the private sector. It contributes 32% to GDP. Third is government expenditure. It means how much the government is spending to produce goods and services. It contributes 11% to GDP. And fourth is net demand. For this, India’s total exports are subtracted from the total imports, because in India the imports are more than the exports, hence its impact on GPD is negative.
