GDP slows for the third straight quarter at 4.4%

NEW DELHI, FEB. 28: The Gross Domestic Product (GDP) of India slowed further to 4.4% in October-December quarter as against 6.3% and 13.5% in quarter two and quarter one respectively, according to Government data.

According to the second advance estimates of the National Statistical Office (NSO), the GDP growth for the current fiscal year will likely be at 7%.

“GDP at Constant (2011-12) Prices in Q3 2022-23 is estimated at Rs 40.19 lakh crore, as against Rs 38.51 lakh crore in Q3 2021-22, showing a growth of 4.4 percent. GDP at Current Prices in Q3 2022-23 is estimated at Rs 69.38 lakh crore, as against Rs 62.39 lakh crore in Q3 2021-22, showing a growth of 11.2 percent,” said the Government in its statement.

According to the second advance estimates, while there will be  a slowdown in manufacturing, mining and quarrying, construction and agricultural activity, an uptick is expected in the services sector including trade, hotels,  transport, communication and services related to broadcasting, financial , real estate andprofessional services.

It is to be noted that the Reserve Bank of India(RBI) had lowered the country’s growth projection to 6.8% from 7% amid tightening of global financial conditions and geopolitical tensions.

Meanwhile, the International Monetary Fund(IMF) has projected a growth of 6.8% for FY23.

-TNIE