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GDP growth of India slows down to 4.4% in October-December quarter of current fiscal

New Delhi: Data released by the Union Ministry Statistics revealed that the Gross Domestic Production (GDP) growth eased down to  4.4% in the October-December quarter of the current fiscal. ‘GDP in the third quarter of 2022-23 is estimated at Rs 40.19 lakh crore, as against Rs 38.51 lakh crore in third quarter of 2021-22, showing a growth of 4.4%,’ the Ministry said in a release.

For the 2022-23 fiscal, the real GDP is estimated to grow at 7% as compared to 9.1% in 2021-22. While Nominal GDP for the year is estimated to grow at 15.9%.

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RBI had projected the real GDP growth for 2022-23 at 6.8%, with the third quarter and fourth quarter growth at 4.4% and 4.2%, respectively. The Asian Development Bank has projected the Indian economy to expand 7% while the International Monetary Fund (IMF) has pegged the growth at 6.8% in 2022-23.

 

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