GDP boom loses steam in Q2, growth at 7-quarter low
The sharply lower print will dent the full-year growth number while intensifying pressure on the Reserve Bank of India (RBI) to advance interest rate cuts. Gross domestic product (GDP) growth was 6.7% in the April-June period and 8.1% in the second quarter of FY24.
Chief economic advisor V Anantha Nageswaran said the unexpected deceleration was an isolated development.
«There is enough reason to believe it's just a one-off thing rather than the beginning of a trend,» he told reporters. Manufacturing growth in the second quarter was impacted by excess domestic capacity and dumping of products from overseas, he said.
GDP grew 6% in the first half of FY25 compared with 8.2% in the year earlier, official data released Friday showed. The growth in gross value added (GVA) was marginally higher at 5.6%. It had grown 6.8% in the first quarter of the current financial year.
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