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GDP Growth Decline UPSC NOTE

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  India's real GDP growth dropped to 5.4% in Q2 of 2024 (July-September) , the lowest in seven quarters, from 6.7% in Q1. This marks a ...

 

  • India's real GDP growth dropped to 5.4% in Q2 of 2024 (July-September), the lowest in seven quarters, from 6.7% in Q1.

  • This marks a significant slowdown from the 8.1% growth recorded in Q2 of 2023.

Key Sectors Affected:

  • Manufacturing: Growth fell sharply to 2.2% from 14.3% a year ago.

  • Mining: GVA contracted by 0.1%, a major decline from 11.1% growth last year.

  • Construction: Growth slowed to 7.7% from 13.6%

  • Agriculture: A strong 3.5% growth, more than double the 1.7% increase in the previous year.

  • The Finance Ministry expects 6.5-7% growth for the full year, but this will require a strong second-half recovery.

  • The first half of 2024-25 saw GDP grow at just 6%, the slowest since 2022-23, much lower than the 8.2% growth in the first half of 2023-24.

  • Private consumption grew by 6%, showing a recovery from the previous year's 2.6%, but slower than Q1’s 7.4%.

Factors Behind the Slowdown:

  • Corporate Earnings: Disappointing earnings, especially in the manufacturing sector, contributed to the slowdown.

  • Lower-than-expected urban demand in Q2 was noted, though this may not persist.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: GDP Growth Decline UPSC NOTE
GDP Growth Decline UPSC NOTE
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