By – Ms. Ritu Prakash Singh, Senior Economist and Head – MSME Research, UGRO Capital
India’s GDP growth for the quarter ending June 2024 registered at 6.7%, slightly below expectations and 1.5 percentage points lower than the same quarter last year. This slowdown is largely due to a high base effect, adverse weather conditions, and restrictions on government activities related to the Lok Sabha election. However, the underlying data remains optimistic, with significant gains in private consumption and service sector. Looking ahead, the measures introduced in the Union Budget FY25 for the MSMEs, manufacturing, and services sectors are expected to provide a substantial boost to these areas.
