India’s GDP Grows At 6.3% In July-Sept Quarter Of 2022-23

Amid the global economic slowdown, India’s gross domestic product (GDP) for the July-September quarter of this financial year (FY) grew at 6.3 per cent against 8.4 per cent in a year-ago quarter, as per the data released by the centre on Wednesday.

The Ministry of Statistics and Programme Implementation in a statement said, "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 data revealed that the 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.

Suvodeep Rakshit, Chief Economist, Kotak Institutional Equities said, “GDP growth at 6.3 per cent in 2QFY23 was in line with our expectation of 6.2 per cent. However, GVA growth was slightly lower than expected at 5.6 per cent. The internals indicates a substantially weak growth in the industrials sector led by manufacturing while services sector growth has been steady given the recovery in contact-based services.”

Rakshit added that Kotak expects the same trend to continue into 2HFY23. He remained cautious about India’s growth prospects as the global demand risks slowing down and lagged impact of domestic monetary policy actions. GDP growth in FY2023 is likely to be in the range of 6.5-6.8 per cent.