theIASHub | 31 May, 2025 | 4
GDP Growth in 2024-25: Recently, provisional estimates revealed that India’s economy grew by 6.5% in FY 2024–25, marking the slowest full-year GDP growth since the pandemic-affected year of 2020–21.
o Although the fourth quarter showed signs of recovery, it wasn’t sufficient to push the overall annual growth rate beyond 6.5%.
o Types of GDP: Nominal GDP: Current market prices without inflation adjustment; useful for same-year comparisons.
ü Real GDP: Inflation-adjusted, allowing comparison across years by reflecting actual output changes.
ü GDP Per Capita: Average economic output per person, indicating living standards and productivity.
ü GDP based on Purchasing Power Parity (PPP): Adjusted for price differences across countries, enabling international comparisons.
o GDP Growth Rate: Measures the rate of economic expansion or contraction, influencing monetary policy decisions.
o Calculation Methods: Income Method: Sum of incomes earned by labor and capital, adjusted for taxes and subsidies.
ü Expenditure Method: Total spending on Consumption, Investment, Government, and Net Exports (C + I + G + (X – IM)).
ü Production (Output) Method: Market value of all goods and services produced, adjusted for taxes and subsidies.
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