India registers 6.3 per cent GDP growth in July-September quarter
By Team Newsable | First Published Nov 30, 2022, 6:46 PM ISTIndia’s economic growth slowed down to 6.3 per cent in the July-September quarter of this fiscal. The Indian economy had grown 13.5 per cent in the June 2022 quarter (Q1FY23).
India's economic growth fell to 6.3% in the quarter covering July to September of current fiscal year, mostly due to the weak performance of the manufacturing and mining sectors. India continued to be the largest economy with the quickest growth rate, despite China's economic growth of 3.9% from July to September 2022.
According to figures given by the National Statistical Office, the Indian economy expanded by 8.4% between July and September 2021–2022 (NSO). The gross domestic product (GDP) increased by 13.5% in the April-June fiscal quarter.
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According to a government release, "Real GDP or GDP at Constant (2011–12) Prices) in Q2 2022–23 is estimated at Rs 38.17 lakh crore, as opposed to Rs 35.89 lakh crore in Q2 2021–22, representing a rise of 6.3% as compared to 8.4% in Q2 2021–22."
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In absolute terms, the real GDP for the quarter of July through September 2020 was Rs 33.10 lakh crore. Due to the devastating effects of lockdown limitations to stop the spread of coronavirus, it had contracted by 6.6% in the second quarter of 2020–21. According to the report, from July to September of this year, Gross Value Added (GVA) increased by 5.6% to Rs 35.05 lakh crore. Compared to the same period last year, the agriculture sector's GVA growth increased by 4.6% in the second quarter.
Public administration, defence and other services posted 6.5 per cent growth against 19.4 per cent in the second quarter of the last fiscal. The NSO stated that 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 per cent as compared to 19.0 per cent in Q2 2021-22.
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