edited by: Namit Singh Sengar
Last Update: February 28, 2023, 17:57 IST
Rating agency ICRA expects India’s GDP to grow by 5.1% in Q3FY23. (Representational image)
In the previous quarter ending September 30, 2022 (Q2 FY23), India’s GDP grew by 6.3 per cent.
India GDP Q3: India’s latest GDP data for the third quarter of the current financial year 2022-23 (Q3 FY23) was released by the National Statistical Office (NSO) on 28 February. The Indian economy grew by 4.4% in October-December 2022, compared to 11.2% a year ago.
India’s economic growth in 2021-22 increased to 9.1% from 8.7% earlier. Government data states that the economy will grow at 7% in 2022-23.
The central government’s fiscal deficit at the end of January reached 67.8 per cent of the full-year target due to higher expenditure and lower revenue receipts, according to official data released on Tuesday.
In real terms, the fiscal deficit or the gap between expenditure and revenue collection stood at Rs 11.9 lakh crore during the April-January period, according to data from the Controller General of Accounts (CGA).
In the first advance estimates of national income for FY23 in early January, the NSO projected that the Indian economy would grow at 7 per cent in 2022-23, as against 8.7 per cent in the previous fiscal, mainly due to the poor performance of manufacturing area due to
Read also: Fiscal deficit touched 67.8% of full-year target at January end: Govt data
Manufacturing sector output is estimated to decline by 1.6 per cent as against a growth of 9.9 per cent in FY22.
In the previous quarter ending September 30, 2022 (Q2 FY23), India’s GDP grew by 6.3 per cent.
Earlier rating agency ICRA had projected India’s GDP to grow by 5.1% in Q3 of FY23. India (SBI) sees a growth of 4.6%, while Barclays India expects the economy to grow by 5%, and the RBI sees the country’s GDP growth in the December 2022 quarter at 4.4%.
India’s economic growth may slow further in the December 2022 quarter and is set to decelerate further amid interest rate hikes that weighed on business activity, according to a Reuters poll of economists.
According to the survey, the Indian economy grew by 4.6% year-on-year due to weak global demand and monetary tightening by the Reserve Bank of India.
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