Economic Overview: India’s GDP at Five-Quarter Low and Strong Festival Spending
Economy News Live Updates: August 27, 2024 – India’s GDP Growth Falls to Five-Quarter Low of 6.5% in Q1FY25
Updated: August 27, 2024, 01:00 PM IST
In today’s economic updates, we report that India’s Gross Domestic Product (GDP) growth has been estimated at a five-quarter low of 6.5% for the first quarter of the fiscal year 2025 (Q1FY25), as indicated by economists. This figure represents a notable slowdown from the 8.2% growth recorded in Q1FY24 and 7.8% in Q4FY24. This downturn reflects the current economic challenges and shifts in market dynamics.
Moreover, according to the Confederation of All India Traders (CAIT), the festivities surrounding Janmashtami have had a significant economic impact, resulting in business transactions surpassing ₹25,000 crore. The festival, celebrated with great enthusiasm particularly in the northern and western regions of India, has led to increased sales in flowers, sweets, and decorative items, highlighting its importance to the local economy.
Additionally, international developments drew attention today as notable trends emerged from the bond market in China. Traders have invested heavily in Chinese government bonds, resulting in record-low yields, a phenomenon that has prompted unexpected responses from the central bank. Observers are keenly analyzing these movements as they may signal shifts in China’s economic strategy and their potential global repercussions.
LiveMint continues to be a comprehensive source for the latest economic news, providing real-time insights into both the Indian and global economies. With emphasis on government policies, global indicators, and the nuances of GDP fluctuations, we strive to keep our readers informed on the intricate details affecting economic landscapes.
Disclaimer: This report has been generated by an AI platform and has not undergone edits from LiveMint staff.
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