India’s economy expanded 6.2% in the third quarter of 2024-25, according to data released by the National Statistics Office. While the headline number reflects resilience, particularly in public investment and services, the structural weakness in private consumption refuses to go away. Despite a year of robust GDP growth in 2023-24 and promising numbers so far in 2024-25, the economy’s most critical demand engine — household consumption — remains sputtering.Private final consumption expenditure grew by 7.6% in 2024-25 according to the second advance estimates. This marks an improvement from the subdued 5.6% growth recorded in 2023-24, but it still falls short of pre-pandemic trends.
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