India’s gross domestic product (GDP) grew at 6.3 per cent year-on-year (YoY) in the second quarter of the current financial year (Q2FY23), the latest data released by the government of India showed on Wednesday. In Q2FY22, the GDP growth rate was 8.4 per cent.
“Real GDP or GDP at constant (2011-12) prices in Q2FY23 is estimated at Rs 38.17 trillion, as against Rs 35.89 trillion in Q2FY22, showing a growth of 6.3 per cent as compared to 8.4 per cent in Q2FY22,” the ministry of statistics and programme implementation (MoSPI) said.
Nominal growth rate was 16.2 per cent (YoY).
“Nominal GDP or GDP at current prices in Q2FY23 is estimated at Rs 65.31 trillion as against Rs 56.2 trillion in Q2 2021-22, showing a growth of 16.2 per cent as compared to 19 per cent in Q2FY22,” it added.
In the first half of FY23, the GDP growth rate was 9.7 per cent against 13.7 per cent during the same period last year.
The manufacturing and mining sectors recorded a 4.3 and 2.8 per cent fall in growth, respectively.
In its monetary policy announcement on September 30, the RBI said real GDP growth for FY23 is projected at 7 per cent, with Q2FY23 growth at 6.3 per cent, Q3FY23 at 4.6 per cent, and Q4FY23 at 4.6 per cent.
The Reserve Bank of India (RBI), in the “State of the Economy” article, had pegged the GDP growth at 6.1 to 6.3 per cent for Q2FY23.
Earlier this month, the rating agency ICRA predicted the gross domestic product (GDP) growth rate at 6.5 per cent, while the State Bank of India pegged the growth rate at 5.8 per cent.
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