Delhi, 30th November 2022: The National Statistics Office released GDP estimates for the second quarter (July-September) of the current financial year on Wednesday. India’s GDP for the July-September quarter of 2022 has been recorded at 6.3 per cent. The RBI, in its last Monetary Policy Committee meeting, had also estimated the growth rate of the economy at 6.3 per cent.
In its research, SBI estimated India’s GDP growth for the second quarter at 5.8 per cent – this is 30 basis points below average estimates. GDP declined due to weak manufacturing activity.
The country’s gross domestic product (GDP) growth rate was recorded at 13.5 per cent in the April-June quarter of the current financial year. It was 20.1 per cent during the same period last year. In the fourth quarter of the financial year 2021-22 (Q4FY22), a growth of only 4.1 per cent was recorded in the country’s GDP. Even the total GDP for the financial year 2021-22 increased by 8.7 per cent. In terms of both these figures, the figures for the April-June quarter of the current financial year give comfort.
According to data released by the National Statistical Office (NSO), the gross domestic product (GDP) grew by 8.4 per cent in the July-September quarter of 2021-22. Analysts had estimated that the Indian economy would halve to the 13.5 per cent growth rate recorded in the April-June quarter of the current financial year.
According to the rating agency ICRA, the GDP was projected to grow by 6.5 per cent, while the State Bank of India in its report projected a growth rate of 5.8 per cent for July-September, 2022. China recorded an economic growth rate of 3.9 per cent in July-September, 2022.
Based on the available data, economists expected the recovery in domestic consumption to continue in the second quarter as well. In the first quarter, GDP data showed that private consumption spending was almost 10 per cent higher than its pre-Covid level. Many analysts expect a sharp increase in household spending towards the end of the second quarter due to the festive season. Indicators like passenger traffic, GST e-way bill, sale of fuel, cargo, and others show that people are spending money freely.
According to a Reuters poll, Asia’s third-largest economy is expected to register an annual growth of 6.2 per cent in the September quarter. This pales in comparison to the explosive growth of 13.5% in the previous quarter.