India Real GDP Growth Weakest In Five Quarters: Motilal Oswal

Motilal Oswal Report

Real gross domestic product grew 6.7% in Q1 FY25 (7.8% in Q4 FY24 and 8.2% in Q1 FY24), marking the first miss and the slowest growth in five quarters. The number was slightly lower than the market consensus of 6.8% and RBI projection of 7.1%, though slightly higher than our forecast of 6.6%.

The main drivers of GDP growth were private consumption and net exports, with private consumption witnessing a sharp improvement in Q1 FY25. However, government consumption contracted (in line with our expectations) in Q1 FY25 due to muted government spending during elections.

Real gross value added grew 6.8% in Q1 FY25 versus 6.3% in Q4 FY24 and 8.3% in Q1 FY24. The number was better than the market consensus of 6.6% and our forecast of 6.3%.

It suggests that the non-farm economy performed better than expected last quarter.

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