The GDP growth is expected to be about 6.3 per cent in the current fiscal year, a tad lower than the government's estimates of 6.4 per cent, owing to several factors such as weak demand, SBI research report said on Wednesday.

While a slowdown in the ongoing financial year was anticipated, the steep downward revision in GDP growth for FY25 has taken many by surprise.

The Union government’s first advance estimates of gross domestic product (GDP) serve as the foundation for the annual budget, which will be announced on 1 February.

Despite a slowdown in real GDP growth, per capita nominal GDP in India is expected to increase significantly in FY25, by at least Rs 35,000 more than FY23, economists have said.

To address the slowdown and boost jobs, the government is likely to announce measures in the upcoming Union Budget that precedes elections in Delhi

The National Statistics Office (NSO) and Ministry of Statistics and Programme Implementation (MoSPI) has announced the first advance estimates of annual GDP growth rate to 6.4% for FY25. This will be the slowest growth since the pandemic,

India's GDP has been estimated to grow by 6.4 per cent in FY2024-25 as compared to the growth rate of 8.2 per cent in Provisional Estimate (PE) of GDP for FY2023-24".

India's electricity generation grew at its slowest pace in 2024 since the COVID-19 pandemic, an analysis of federal grid regulator data showed, hit by a slowdown in the world's fastest growing major economy.