India GDP: India’s economic growth slowed to 6.3 per cent in the July-September quarter of this fiscal year, mainly due to poor performance by the manufacturing and mining sectors, official data showed on Wednesday.
However, India remained the fastest growing major economy as China recorded an economic growth of 3.9 per cent in July-September 2022. The Indian economy grew by 8.4 per cent in July-September, 2021-22, as per data released by the National Statistical Office (NSO). The gross domestic product (GDP) grew by 13.5 per cent in the April-June quarter of the current financial year.
The second quarter GDP growth is on par with the RBI’s estimate of 6.1 per cent to 6.3 per cent earlier this month, released in an article published in its bulletin.
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“Real GDP or GDP at constant (2011-12) prices in Q2 of 2022-23 is estimated at Rs 38.17 lakh crore as against Rs 35.89 lakh crore in Q2 of 2021-22, a growth of 8.4 per cent indicating a growth of 6.3 per cent in Q2 2021-22,” the NSO statement said. Real GDP stood at Rs 33.10 lakh crore in the July-September quarter of 2020. It shrank to 6.6 per cent in the second quarter of 2020-21 to contain the spread of the staggering effect of lockdown restrictions. Coronavirus.
As per the data, gross value added (GVA) grew by 5.6 per cent to Rs 35.05 lakh crore in July-September this year. The GVA growth in the agriculture sector in the second quarter stood at 4.6 per cent as compared to 3.2 per cent a year ago. However, GVA in the manufacturing sector contracted by 4.3 per cent during the quarter, as against 5.6 per cent in the year-ago period.
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The GVA in mining also declined by 2.8 per cent in the quarter as compared to a growth of 14.5 per cent. GVA growth in the construction sector also decelerated to 6.6 per cent from 8.1 per cent in the quarter.
The electricity, gas, water supply and other utility services segment grew by 5.6 per cent in the quarter, as against 8.5 per cent a year ago. GVA growth in the services sector – trade, hotels, transport, communication and services related to broadcasting – stood at 14.7 per cent as against 9.6 per cent during the second quarter.
Financial, real estate and professional services grew 7.2 percent in the first quarter, up from 6.1 percent earlier. Public administration, defense and other services registered a growth of 6.5 per cent as compared to 19.4 per cent in the second quarter of the previous fiscal.
The NSO said that nominal GDP or GDP at current prices is estimated at Rs 65.31 lakh crore in the second quarter of 2022-23, as against Rs 56.20 lakh crore in the second quarter of 2021-22, a growth of 19.0 per cent in the previous year. shows an increase of 16.2 percent. Q2 2021-22.