India’s GDP growth slowed to 6.3 percent in the July-September quarter of FY2022-23, according to data released by the National Statistical Office (NSO) on Wednesday.
Many analysts had given a wide range of growth forecasts from 5.8 percent to 7 percent, mainly due to the waning base effect.
Last year, the GDP growth rate was 8.4 percent in the July-September quarter. On quarter-on-quarter (Q-o-Q) basis, the economy expanded at a rate of 13.5 percent in the previous April-June quarter of FY2022-23.
“Real GDP or GDP at Constant (2011-12) Prices in Q2 2022-23 is estimated at Rs 38.17 lakh crore, as against Rs 35.89 lakh crore in Q2 2021-22, showing a growth of 6.3 percent as compared to 8.4 percent in Q2 2021-22,” said a press release.
Nominal GDP or GDP at current prices in Q2 2022-23 is estimated at Rs 65.31 lakh crore, as against Rs 56.20 lakh crore in Q2 2021-22, showing a growth of 16.2 percent as compared to 19.0 percent in Q2 2021-22, the NSO release said.
The country’s manufacturing sector contracted by 4.3 percent for the quarter under review, slowing from 5.6 percent in the previous three-month period. The farm sector grew by 4.6 percent.
In the corresponding period (July-September) a year ago, the pandemic had ravaged the economy, bringing it to a virtual standstill.
Rating agency ICRA’s estimate for the gross domestic product (GDP) growth for Q2 FY23 was 6.5 percent, while the State Bank of India pegged the growth rate at 5.8 percent.
Earlier this month, in an article published in the Reserve Bank of India (RBI) bulletin, the GDP growth was pegged at 6.1 to 6.3 percent in the second quarter of this fiscal year.
