Statistics ministry anticipates minimal revision to FY24 GDP

The Ministry of Statistics expects no significant downward revision to the official economic growth estimate for FY24, contrary to predictions by some analysts.

It also anticipates GDP expansion in FY25 to potentially surpass 7%, citing ongoing strong momentum.

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A source within the ministry, speaking to FE, emphasized that there's no deemed need for substantial revisions in either Gross Value Added (GVA) or Gross Domestic Product (GDP) figures, asserting the robustness of the data compilation methodology for national income calculation.

As per the National Statistical Office’s provisional estimates, India’s GDP in FY24 grew 8.2%, while GVA grew 7.2%. The unusual gap between the two growth numbers has raised some concerns, and so has the fact that consumption growth was half the GDP rate.