The Indian economy expanded by 6.7% from the previous year in the June quarter of 2024, slowing from the 7.8% increase in the earlier period and missing market expectations of a 6.9% growth rate. It was the slowest expansion in five quarters, owed to a sharp slowdown in government spending as the long-awaited general elections drove several usual government activities to halt. Still, gauges of slowing consumer spending also signaled that the Indian economy is resilient to high interest rates by the RBI to a lesser extent, strengthening the case for doves in the RBI. source: Ministry of Statistics and Programme Implementation (MOSPI)

The Gross Domestic Product (GDP) in India expanded 6.70 percent in the second quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in India averaged 5.99 percent from 1951 until 2024, reaching an all time high of 22.60 percent in the second quarter of 2021 and a record low of -23.10 percent in the second quarter of 2020. This page provides - India GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2024.

The Gross Domestic Product (GDP) in India expanded 6.70 percent in the second quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in India is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India GDP Annual Growth Rate is projected to trend around 5.90 percent in 2025 and 5.10 percent in 2026, according to our econometric models.


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Ministry of Statistics and Programme Implementation (MOSPI)


Calendar GMT Reference Actual Previous Consensus TEForecast
2024-05-31 12:00 PM
GDP Growth Rate YoY
Q1 7.8% 8.4% 6.7% 6.7%
2024-08-30 12:00 PM
GDP Growth Rate YoY
Q2 6.7% 7.8% 6.9% 7.1%
2024-11-29 12:00 PM
GDP Growth Rate YoY
Q3 6.7% 6.5% 7.5%


Related Last Previous Unit Reference
Fiscal Year GDP Growth 8.20 7.00 percent Mar 2024
GDP Growth Rate YoY 6.70 7.80 percent Jun 2024
GDP Constant Prices 43637.32 47237.84 INR Billion Jun 2024
GDP from Agriculture 5320.92 6308.86 INR Billion Jun 2024
GDP from Construction 3699.27 4200.90 INR Billion Jun 2024
GDP from Manufacturing 6847.92 7709.03 INR Billion Jun 2024
GDP from Mining 916.91 1004.93 INR Billion Jun 2024
GDP from Public Administration 5192.67 5236.87 INR Billion Jun 2024
GDP from Utilities 1038.05 927.85 INR Billion Jun 2024
GDP Growth Rate 1.30 1.70 percent Jun 2024
Gross Fixed Capital Formation 15206.25 15701.94 INR Billion Jun 2024

India GDP Annual Growth Rate
The most important and the fastest growing sector of Indian economy are services. Trade, hotels, transport and communication; financing, insurance, real estate and business services and community, social and personal services account for more than 60 percent of GDP. Agriculture, forestry and fishing constitute around 12 percent of the output, but employs more than 50 percent of the labor force. Manufacturing accounts for 15 percent of GDP, construction for another 8 percent and mining, quarrying, electricity, gas and water supply for the remaining 5 percent.
Actual Previous Highest Lowest Dates Unit Frequency
6.70 7.80 22.60 -23.10 1951 - 2024 percent Quarterly
NSA, 2011-12 Prices


News Stream
Indian GDP Slows More than Expected in June Quarter
The Indian economy expanded by 6.7% from the previous year in the June quarter of 2024, slowing from the 7.8% increase in the earlier period and missing market expectations of a 6.9% growth rate. It was the slowest expansion in five quarters, owed to a sharp slowdown in government spending as the lo...ng-awaited general elections drove several usual government activities to halt. Still, gauges of slowing consumer spending also signaled that the Indian economy is resilient to high interest rates by the RBI to a lesser extent, strengthening the case for doves in the RBI. more
2024-08-30
Indian GDP Expands More than Expected in FYQ4
The Indian economy expanded by 7.8% in Q1 of 2024, sharply above the initial forecasts of a 6.7% expansion, to extend the trend of strong growth for the Indian economy. The result confirmed that India is the world’s fastest-growing major economy, led by the sharp acceleration of output for manufactu...ring (8.9% vs 0.9% in FYQ4 of 2023), construction (8.7% vs 7.4%), public administration, defense, and other services (7.8% VS 4.7%), and mining and quarrying (4.3% vs 2.9%). Still, the GDP was significantly higher than the 6.3% growth in gross value added in the final quarter of the financial year, indicating that the net indirect tax category of the GDP is likely to have inflated the gauge for a second consecutive quarter. With the update, the Indian GDP grew by 8.2% in the financial year ending March of 2024. more
2024-05-31
India GDP Grows a Robust 8.4%
The Indian economy expanded 8.4% year-on-year in Q4 2023, the strongest growth since Q2 2022, compared to an upwardly revised 8.1% in Q3 and beating forecasts of 6.6%. On the production side, faster increases were recorded for services (6.7% vs 4.5%), and finance and real estate (7% vs 6.2%). Also, ...the manufacturing sector continued to grow at a double digit pace (11.6% vs 14.4%) and production of utilities (9% vs 10.5%) and construction (9.5% vs 13.5%) remained robust. On the other hand, the farm sector contracted 0.8% (vs +1.6%) amid adverse weather conditions and the El Nino effect. On the expenditure side, private consumption rose at a faster 3.5% (vs 2.4% in Q3) and investment growth remained robust although it slowed (10.6% vs 11.6%). Both exports (3.4% vs 5.3%) and imports (8.3% vs 11.9%) rose at a slower pace and public expenditure contracted 3.2% after soaring 13.8% in Q3. Meanwhile, the estimate for the 2023/2024 fiscal year growth rate was revised higher to 7.6% from 7.3% more
2024-02-29