India's economy grew by 6.2 percent year-on-year in the October-December quarter of the current fiscal, an uptick from the previous quarter, government data showed Friday.
The reading was largely in line with economists' expectations and up from a revised 5.6 percent on-year expansion recorded in July-September. Stock market analysts and economics had pegged the Q3 GDP growth between 6.2-6.3 percent on higher government spending and improved urban consumption.
The National Statistical Office (NSO) data released on Friday showed that the economy grew 9.5 percent in the third quarter of the year-ago period. The NSO, in its second advance estimate of national accounts, pegged the country's growth at 6.5 percent for 2024-25.
It had projected a growth of 6.4 percent for the current fiscal in its first advance estimates released in January 2025. The NSO also revised the GDP growth for 2023-24 to 9.2 percent against the earlier estimate of 8.2 percent.
The gross value added (GVA), a measure of economic activity which is seen as a more stable measure of growth, grew 6.2 percent in October-December, compared to a revised 5.8 per cent expansion in the previous quarter.
Government spending rose 8.3 percent in the last three months of 2024 from a modest 3.8 percent increase in the previous three months.
Private consumer spending jumped 6.9 percent YoY, up from 5.9 percent in the previous quarter, buoyed by improved rural demand due to moderating food prices and more spending on purchases for the festival season than a year earlier.
(By arrangement with livemint.com)
