India’s Economy Grew 6.3 Per Cent In Q2 FY23: NSO Data

Data released by the Ministry of Statistics and Programme Implementation shows growth happened despite successive increases in the repo rate by RBI.

India’s Economy Grew 6.3 Per Cent In Q2 FY23: NSO Data
Agriculture and Construction rose even as Manufacturing declined.

INDIA’S economy grew by 6.3 per cent in the second quarter of the current fiscal (Q2 FY 2022/23), according to data released by the National Statistical Office (NSO) Wednesday. Compared to this, the gross domestic product (GDP) had expanded by 8.4 per cent in the July-September quarter of 2021-22).

“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, showing a growth of 6.3 per cent as compared to 8.4 per cent in Q2 2021-22,” the released data said.

Meanwhile, 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, showing a growth of 16.2 per cent as compared to 19.0 per cent in Q2 2021-22 according to the Ministry of Statistics & Programme Implementation.

Analysts had projected the Indian economy would expand at half of the growth rate of 13.5 per cent recorded in the April-June quarter this fiscal.

According to the credit rating agency ICRA, GDP was likely to grow at 6.5 per cent while the State Bank of India in its report, had projected the growth rate at 5.8 per cent for July-September, 2022.

Earlier this month, in an article published in the Reserve Bank of India (RBI) bulletin, GDP growth was pegged at 6.1-6.3 per cent in the second quarter of this fiscal year. In October, World Bank had forecast a growth of 6.5 per cent for 2022-23.

While disruptions caused by COVID-19 were alleviated with rising economic activity, inflationary pressures caused RBI to raise repo rates for several months, which 

Among major sectors, agricultural output was up by 4.6 per cent although manufacturing fell by 4.3 per cent. At the same time, the construction sector saw a 6.6 per cent annual increase in activity.

In comparison, China registered an economic growth rate of 3.9 per cent in July-September, 2022.

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