Construction sector registered double-digit growth in FY 2024: Finance Ministry

The Finance Ministry has said that real GDP recorded a remarkable growth of 7.6 per cent in Financial Year 2024, making this the third consecutive year of growth of 7 per cent or above. It said, the remarkable performance in Financial Year 2024 is backed by an impressive growth of 8.4 per cent in 3rd Quarter of Financial Year 2024 as against 4.3 per cent in 3rd Quarter of Financial Year 2023. The Ministry said, Gross Fixed Capital Formation continues to rise relative to GDP, reflecting a broad-based pick-up in investment.

The Ministry said, the construction



sector registered double-digit growth in Financial Year 2024, fuelled by robust residential demand and the push to the infrastructure sector by the government. It stated, strong manufacturing growth and robust services sector growth in 3rd Quarter of Financial Year 2024 have further contributed to the high growth in Financial Year 2024. It added that private consumption continues to provide steady support to GDP growth. The Finance Ministry said, the Government’s thrust on capex continues to crowd in private investment.