Q3 FY25 GDP grows at 6.2%; India sees ‘highest growth in 12 years’ in FY24 – top 10 data points to know – The Times of India

India Q3 GDP data FY 2024-25: The Indian economy saw the Gross Domestic Product (GDP) expand at 6.2% in the third quarter of the current financial year 2024-25, with economists stating that the worst of the slowdown is over. India’s GDP for the second quarter had slowed to 5.6% raising concerns on the growth prospects of the world’s fastest growing major economy.
Interestingly, the government data released by the Ministry of Statistics and Program Implementation also revises the full year GDP growth figures for FY 2023-24 to the ‘highest level in 12 years’ except for the post COVID year which was high due to the base effect. We take a look at the top 10 data points from the GDP growth numbers:
1.Real GDP growth for Q3: Real GDP is projected to have expanded by 6.2% during the third quarter of FY 2024-25. The Nominal GDP in Q3 of FY 2024-25 shows an estimated increase of 9.9%. Following an upward revision, the real GDP growth for the second quarter of financial year 2024-25 now stands at 5.6%.
2. Real GDP growth for FY 2024-25: The revised estimates indicate an upward adjustment in India’s real GDP growth, projected at 6.5% for FY 2024-25. Similarly, the nominal GDP growth forecast has been enhanced to 9.9% for FY 2024-25. These figures represent an improvement from the initial projections presented in the first advance estimates.
3. ‘Highest growth in 12 years’: According to the first revised estimates, real GDP expanded by 9.2% during the financial year 2023-24, marking the highest growth rate in the past 12 years, barring financial year 2021-22 (the post-covid year). This robust performance was driven by substantial growth across key sectors, with ‘Manufacturing’ achieving 12.3%, ‘Construction’ reaching 10.4%, and ‘Financial, Real Estate & Professional Services’ attaining 10.3%.
4.Per Capita Income: The Per Capita Net National Income, also known as Per Capita Income, calculated at current prices, shows figures of ₹1,69,145 for 2022-23 and ₹1,88,892 for 2023-24.
5. GDP growth slowdown year-on-year: GDP growth slowed to 6.2 per cent during October-December quarter of the current fiscal year, as against 9.5% in the same quarter of the previous fiscal year. This is primarily attributed to underperformance in mining and manufacturing sectors, whilst agriculture remained the sole bright spot. Nevertheless, when compared to the previous quarter’s growth of 5.6 per cent, the third quarter demonstrated an improvement in economic activity.
6. Real GDP for FY 25: The real GDP or GDP at Constant Prices is projected to reach ₹187.95 lakh crore during fiscal year 2024-25, compared to the first revised estimate of ₹176.51 lakh crore for 2023-24. The nominal GDP or GDP at Current Prices is expected to grow by 9.9%, reaching ₹331.03 lakh crore in 2024-25, up from ₹301.23 lakh crore in 2023-24.
7. Real GVA for FY 25: The real GVA is projected to reach ₹171.80 lakh crore in 2024-25, compared to the first revised estimate of ₹161.51 lakh crore for 2023-24, indicating a growth of 6.4%, which is lower than the 8.6% growth observed in 2023-24. The nominal GVA is expected to achieve ₹300.15 lakh crore in FY 2024-25, in contrast to ₹274.13 lakh crore in 2023-24, demonstrating a growth rate of 9.5%.
8. Quarterly Sector-wise data: The manufacturing sector’s GVA growth declined to 3.5 per cent in the third quarter, compared to 14 per cent in the corresponding period last year. The mining and quarrying sector experienced a slowdown, with growth reducing to 1.4 per cent from 4.7 per cent a year ago.
Construction activity witnessed a decrease in growth rate to 7 per cent, down from 10 per cent in the previous year. In contrast, the agricultural sector demonstrated remarkable performance with a 5.6 per cent growth during the quarter, significantly higher than the 1.5 per cent growth recorded in the same period last year.
The utility services segment, comprising electricity, gas, water supply and other services, registered a growth of 5.1 per cent in the third quarter, showing a decline from 10.1 per cent growth achieved in the corresponding period of the previous year.
9. Important annual projections: The construction sector is projected to expand by 8.6% in 2024-25. This is anticipated to be followed by a 7.2% growth in banking, property and business services. Additionally, the commerce, hospitality, logistics, communications and broadcast-related services sector is expected to grow by 6.4% during the same period.
10. Private Final Consumption Expenditure: Private Final Consumption Expenditure (PFCE) is projected to achieve a robust expansion of 7.6% in 2024-25, showing significant improvement from the 5.6% growth recorded in 2023-24.

Technology
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INDIA
Four Seasons Hotel Appoints Bakul Pednekar As Director Of People & Culture

Bengaluru: Four Seasons Hotel Bengaluru is delighted to announce Bakul Pednekar’s appointment as Director of People & Culture. A seasoned Four Seasons professional and culture bearer, Bakul brings over 17 years of rich, cross-continental experience shaped by the brand’s deep-rooted values of empathy, excellence, and service from the heart.
Bakul’s Four Seasons journey began in 2007 in stewarding operations at the Four Seasons Hotel Mumbai. This humble beginning blossomed into a remarkable career through his innate leadership, emotional intelligence, and people-first approach. He has since held key Human Resource roles across some of the brand’s most iconic properties, including Four Seasons Resort Maldives at Landaa Giraavaru, Kuda Huraa, and most recently, Four Seasons Safari Lodge Serengeti, where he served as Director of People & Culture for nearly three years.
“Bakul is a shining example of our belief in nurturing talent from within,” says Biswajit Chakraborty, General Manager, Four Seasons Hotel Bengaluru. “His journey reflects the essence of Four Seasons, growing leaders who live our values daily. With his global perspective and deep understanding of our culture, I am confident he will enrich our team and take our People & Culture practices to even greater heights.”
Known for fostering inclusive and purpose-driven workplaces, Bakul has led diverse teams, spearheaded impactful learning programs, and championed employee well-being, earning admiration from colleagues and accolades from the industry. His leadership is grounded in a profound respect for people and a passion for creating a workplace where everyone feels valued, seen, and empowered.
Bakul will lead the People & Culture function at Four Seasons Hotel Bengaluru, shaping employee experiences that inspire excellence and reflect the brand’s legendary service philosophy. His return to India marks a full-circle moment — combining global expertise with local intuition to nurture the next generation of hospitality leaders. At Four Seasons, service begins with genuine care for people, and Bakul’s story is a living example of that philosophy in action.
Press Contacts: Apurva Dixit Account Director Email: apurva.dixit@cloverconnect.in M: +91 9870326814
–End–
BUSINESS
‘Gold lasts 5 generations’: Harsh Goenka’s witty post on wife’s gold buying is a lesson in investment strategy | India-Business News – Times of India

Gold prices are hitting lifetime highs and India Inc veterans have been hailing Indian homemakers for their wisdom in storing the yellow metal. In a post on X (formerly Twitter) industrialist Harsh Goenka lauded his wife’s gold investment strategy. This comes at a time when gold prices have crossed the Rs 1 lakh mark.
The RPG group chairman took to X, and shared a conversation with his spouse. The post said, ”10 years ago, I bought a car for ₹8 lakh. She bought gold for ₹8 lakh. Today, the car is worth ₹1.5 lakh. Her gold is worth ₹32 lakh.”
He further added that wives are smarter.
Sharing another conversation, he wrote on X, “I said, ‘Let’s skip gold and go on a vacation?’ She replied, ‘Vacation lasts 5 days. Gold lasts 5 generations.’ I bought a phone for ₹1 lakh. She bought gold. Now, the phone’s worth ₹8,000. Her gold is ₹2 lakh.”
Raj Nayak, an influencer, commented on Goenka’s post, saying,”Gold may last generations. But we don’t.That five day vacation? It turns into stories, smiles, and moments that lights up your soul for a lifetime.The phone might be worth ₹8K now, but that late night call to your son, daughter, or mother… that photo you clicked by the ocean… that memory? Priceless.You can buy what appreciates in value, or you can invest in what makes you feel alive.”
A few days ago Uday Kotak, Founder & Director, Kotak Mahindra Bank had also hailed Indian housewives as the ‘smartest fund managers’. “The performance of gold over time highlights that the Indian housewife is the smartest fund manager in the world. Governments, central banks, economists, who support pump priming, high deficit funding, may need to take a leaf from India, a net importer of store of value forever!,” he wrote on X.
Gold MCX futures have surpassed Rs 1 lakh, marking an unprecedented milestone. Gold continues to serve as a reliable investment during periods of market instability. The rise in gold prices is attributed to global economic uncertainties, growing tensions between China and the US, whilst a declining dollar has further strengthened this upward trend.
Market analysts suggest that current valuations reflect heightened geopolitical risks, influenced by US President Donald Trump’s trade policies and concerns about economic stagnation with inflation. These factors are expected to contribute to additional gains in gold prices.
Global central banks have consistently increased their gold acquisitions over multiple quarters, building their reserves to record levels. Notably, the RBI has been actively purchasing gold and relocating substantial amounts back to Indian territory.
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