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India’s economic growth slows to 6.3% in September quarter of 2022-23
Dec-01-2022

With contraction in output of manufacturing and mining sectors, the National Statistical Office (NSO) under Ministry of Statistics and Programme Implementation in its latest data has showed India’s economic growth slowed to 6.3 per cent in the September quarter of 2022-23. The Gross Domestic Product (GDP) had expanded by 8.4 per cent in the corresponding quarter of 2021-22. It saw a growth of 13.5 per cent in the preceding April-June quarter of 2022-23. Notably, India remained the fastest-growing major economy as China registered an economic growth of 3.9 per cent in July-September 2022. Earlier this month, in an article published in the RBI bulletin, the GDP growth was pegged at 6.1-6.3 per cent in the second quarter of this fiscal year.

As per the data, real GDP or GDP at Constant (2011-12) Prices in Q2 2022-23 is estimated at Rs 38.17 lakh crore, as against Rs 35.89 lakh crore in Q2 2021-22. 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. GDP at Constant (2011-12) Prices in April-September 2022-23 (H1 2022-23) is estimated at Rs 75.02 lakh crore as against Rs 68.36 lakh crores during the corresponding period of previous year, showing a growth of 9.7 per cent in H1 2022-23 as against 13.7 per cent during the same period last year. GDP at Current Prices in H1 2022-23 is estimated at Rs 130.26 lakh crore as against Rs 107.47 lakh crores during the corresponding period of previous year, showing a growth of 21.2 per cent in H1 2022-23 as against 25.0 per cent during the same period last year.

The GVA in the manufacturing sector contracted 4.3 per cent during the quarter from 5.6 per cent growth during the year-ago period. GVA in mining also declined by 2.8 per cent in the quarter compared to 14.5 per cent growth. The GVA growth in the construction sector also decelerated to 6.6 per cent in the quarter from 8.1 per cent. Moreover, the electricity, gas, water supply and other utility services segment grew by 5.6 per cent in the quarter compared to 8.5 per cent a year ago. GVA growth in the services sector - trade, hotel, transport, communication and services related to broadcasting - was 14.7 per cent during the second quarter against 9.6 per cent. Financial, real estate and professional services grew by 7.2 per cent in the first quarter over 6.1 per cent earlier. Public administration, defence and other services posted a 6.5 per cent growth against 19.4 per cent in the second quarter of the last fiscal.

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