India, on Friday, released the official economic data that revealed that the country's GDP growth slowed to 7.4 per cent in the January-March quarter from 8.4 per cent a year ago. This also brought down the fiscal 2025 GDP growth to 6.5 per cent, from 9.2 per cent last financial year.
The Union government arm, the National Statistics Office (NSO), released the data on May 30, which was in line with the second advance estimate of national accounts at 6.5 per cent.
In comparison, China grew by just 5.4 per cent in the first three months of 2025.
The latest official data came at the heels of NITI Aayog CEO B.V.R. Subrahmanyam stating that the share of manufacturing in India's GDP was 17 per cent at an event organised by industry body CII.
Citing that the Economic Survey 2023-24 put the Indian agriculture sector at 18.2 per cent of the country's GDP at current prices, Subrahmanyam pointed out that 90 per cent of manufacturing activities now happen in just 5-6 states.
"China has placed itself at the heart of the global supply chains...Should not India also be a heart of global supply chains," he added.
Sensex, Nifty close lower, ahead of GDP data
The official GDP data came after the Indian markets closed for the week, with benchmark indices Nifty and Sensex settling lower due to selling in the IT sector and the uncertainty of the US appeals court temporarily reinstating the reciprocal Trump tariff.
BSE Sensex settled after losing 182.01 points (down 0.22 per cent) at 81,451.01, while the Nifty shed 82.90 points (down 0.33 per cent) to close at 24,750.70.
Market watchers also reasoned that investors were cautious ahead of the release of domestic GDP data.
Among the 30-pack Sensex firms, Tech Mahindra,HCL Tech, Asian Paints, NTPC, Infosys, Nestle, Sun Pharma, and Tata Steel led the laggards, offsetting gains by Eternal, SBI, HDFC Bank, L&T, Reliance Industries, and Bajaj Finserv.
