Current high-frequency indicators of economic activity suggest that the real GDP growth in the first quarter of FY25 is broadly maintaining the pace it had achieved in the preceding quarter, according to a bulletin released by the Reserve Bank of India (RBI) on Wednesday. In the fourth quarter of FY24, GDP grew 7.8%. The RBI’s monetary policy statement for June has pegged the first quarter growth at 7.3%, and the entire FY25 growth at 7.2%. The bulletin stated there is increasing evidence that in the post-pandemic years, a “trend upshift” is taking shape, which is shifting India’s growth trajectory from the 2003-19 average of 7% to the 2021-24 average of 8% or even more, powered by “domestic drivers”.