India’s GDP growth rate declined for the second consecutive quarter in October-December ( Q3FY23 ) to 4.4%, according to data released on Tuesday by the Ministry of Statistics and Programme Implementation. The latest quarterly growth rate of 4.4% is lower than the 6.3% growth rate seen in the second quarter of 2022-23.
The estimates for FY22, on the other hand, have been revised upwards to 9% from 8.7% previously.
The nominal GDP growth rate at current prices is expected to be 15.9% in FY23, down from 18.4% in FY22.
According to data released by the National Statistical Office (NSO) on Tuesday, the economy grew by 11.2 percent from October to December 2021 and by 6.3 percent from July to September 2022. In its second advance estimate of national accounts, the NSO projected 7% growth in 2022-23.
The third-quarter gross value added growth rate was 4.6 percent, compared to 5.5 percent in the July-September period.
In the first Advance Estimates released in January, the MoSPI projected GDP growth in FY23 at 7%, slightly higher than the Reserve Bank of India (RBI) and World Bank projections of 6.8 and 6.9 percent, respectively.
The RBI forecasted 4.4 percent growth in the fourth quarter of 2022 in December.
The data is significant because the RBI reduced the country’s GDP growth forecast for the current fiscal year to 6.8 percent in December 2022. It was reduced from a previous projection of 7%. The RBI forecasted 6.8 percent real GDP growth in 2022-23, with 4.4 percent and 4.2 percent growth in the third and fourth quarters, respectively. In December of last year, it reduced its growth forecast for 2022-23 for the third time.
The Asian Development Bank forecasts 7% growth in the Indian economy in 2022-23, while the International Monetary Fund (IMF) forecasts 6.8 percent growth.
Meanwhile, according to government data released on Tuesday, production of eight core sectors increased at a four-month high of 7.8 percent in January, up from a 7% increase in December.
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