New Delhi: India’s economic growth slowed down to 6.3% in the July-September quarter of this fiscal, dragged down mainly by the poor performance of manufacturing and mining sectors, official data showed on Wednesday. However, India remained the fastest-growing major economy as China registered an economic growth of 3.9% in July-September 2022.
The Indian economy grew by 8.4% in July-September, 2021-22, as per the data released by the National Statistical Office (NSO). The gross domestic product (GDP) expanded by 13.5% in the April-June quarter this fiscal. The second quarter GDP growth is almost at par with the RBI’s projection of 6.1% to 6.3% released earlier this month in one of the articles published in its bulletin. ‘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% as compared to 8.4% in Q2 2021-22’, the NSO statement said.
The real GDP in absolute terms stood at Rs 33.10 lakh crore in the July-September quarter of 2020. It had contracted by 6.6% in the second quarter of 2020-21 on account of the staggering impact of lockdown restrictions to curb the spread of coronavirus. As per the data, Gross Value Added (GVA) grew by 5.6% to Rs 35.05 lakh crore in July-September this year.
The GVA growth in the farm sector is 4.6% in the second quarter compared to 3.2% a year ago. However, the GVA in the manufacturing sector contracted 4.3% during the quarter from 5.6% growth during the year-ago period. GVA in mining also declined by 2.8% in the quarter compared to 14.5% growth. The GVA growth in the construction sector also decelerated to 6.6% in the quarter from 8.1%.
The electricity, gas, water supply and other utility services segment grew by 5.6% in the quarter compared to 8.5% a year ago. GVA growth in the services sector — trade, hotel, transport, communication and services related to broadcasting was 14.7% during the second quarter against 9.6%. Financial, real estate and professional services grew by 7.2% in the first quarter over 6.1% earlier. Public administration, defence and other services posted 6.5% growth against 19.4% in the second quarter of the last fiscal. The NSO stated that 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% as compared to 19.0% in Q2 2021-22.
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