India’s GDP growth moderated to 4.4 percent in the October-December quarter of the ongoing fiscal year, mainly dragged by poor performance of the manufacturing sector, data released by the Ministry of Statistics and Programme Implementation showed on Tuesday.
The 4.4 percent expansion in October-December is even lower than the growth of 6.3 percent recorded in the July-September period of 2022-23 fiscal year. The Indian economy had clocked a growth of 13.2 percent in the first quarter, April-June, of the FY23 financial year.
Compared Y-o-Y, the economy grew by 11.2 percent in the corresponding October-December quarter of FY22.
The National Statistical Office (NSO) in its second advance estimate of national accounts pegged the GDP growth at 7 percent for FY2022-23.
The NSO also revised the GDP growth for 2021-22 to 9.1 percent against the earlier estimate of 8.7 percent.
The RBI had projected the real GDP growth for FY 2022-23 at 6.8 percent and for Q3 of this fiscal at 4.4 percent.
