‘India fastest growing economy for 4th year in row’

New Delhi: Finance Minister Nirmala Sitharaman on Friday said India is sustaining its GDP growth momentum as the fastest-growing economy for the fourth year in a row, aided by manufacturing, services and farm sectors.

She said India’s manufacturing activity has been “good” during the January-March period, which has helped clock a GDP growth of 7.4 per cent during the quarter and 6.5 per cent for the full 2024-25 fiscal.

“India is sustaining the growth and it is the fastest growing economy now for the fourth year continuously thanks to the work of small, medium, and large industries; industries which are coming in and making sure our manufacturing capacity, our service capacity are all intact. Agriculture has also sustained us even during Covid and subsequently,” Sitharaman said. The 6.5 per cent GDP growth for FY25 comes on a high base of FY24 when the economy grew at 9.2 per cent.

The 7.4 per cent growth in the March quarter was also on a high base of 8.4 per cent in FY’24. Speaking at the Lakshmipat Singhania -IIM Lucknow National Leadership Award, the Minister said during the January-March quarter there were views that industry was not investing enough, capacities were not increasing and questioned its impact on the economy.

“I’m glad, India’s industry.. the manufacturing activity have all been good during Q4 of 2024-25 and there was a real GDP growth of 7.4 per cent in Q4 alone. As a result, for the entire FY25 (April-March), the real GDP growth was 6.5 per cent,” Sitharaman said. During the fourth quarter of FY’25, manufacturing output grew at 4.8 per cent, as against 11.3 per cent in the same quarter of FY24.