India’s GDP Growth and Fiscal Deficit Targets

• The Indian government’s Q1 GDP growth was 7.8%, a significant increase from the previous prediction of 6.5%.

• The manufacturing sector’s growth of 7.7% was particularly encouraging, despite a relatively high base of 7.6% in Q1 of last year.

• The manufacturing sector grew at 3.3% in Q1, slower than the 4.3% seen in Q1 last year.

• Steel consumption was significantly slower in Q1 this year than last year.

• Private and commercial vehicle sales contracted 5.4% and 0.6%, respectively.

• Railway freight traffic grew by 2.5% versus 5% last year.

• Two-wheeler vehicle sales contracted 6.2%, while three-wheeler sales were flat at 0.1% growth.

• The government retained its 6.3%-6.8% growth prediction for the year, indicating growth is expected to slow down in the remaining three quarters.

• The nominal GDP growth of 8.8% assumes that inflation was just 1% in Q1, indicating that price levels are not being adequately captured.

• A relatively low nominal growth rate makes it more challenging for the government to meet its fiscal deficit targets.

India GDP Growth Forecast 2025 is important topic for Civil service exam (WBCS).

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