New Delhi: India’s real gross domestic product (GDP) for the October-December quarter (Q3) of the current financial year slowed down to 4.4 pc as compared to 6.3 pc in the second quarter, data released by the Ministry of Statistics and Programme Implementation (MoSPI) showed on Tuesday.
“GDP at Constant (2011-12) Prices in Q3 2022-23 is estimated at Rs 40.19 lakh crore, as against Rs 38.51 lakh crore in Q3 2021-22, showing a growth of 4.4 percent,” MoSPI said.
The GDP at current prices in Q3 of the current fiscal is estimated at Rs 69.38 lakh crore, as against Rs 62.39 lakh crore in the corresponding period of the previous year, showing a growth of 11.2 pc.
While the services sector continued strong recovery during the third quarter, manufacturing sector remained subdued.
“Given the normalising base, in our assessment, growth relative to the respective pre-Covid quarter is a more meaningful metric than the YoY (year-on-year) expansion. Growth relative to the pre-Covid level rose quite appreciably to 11.6% in Q3 FY2023 from 9.4% in Q2 FY2023, indicating an improved albeit stubbornly uneven recovery,” said Aditi Nayar, Chief Economist at research and rating firm ICRA.
The government data showed India’s real GDP in the year 2022-23 is estimated to attain a level of Rs 159.71 lakh crore, as against the First Revised Estimate of GDP for the year 2021-22 of Rs 149.26 lakh crore.
“The growth in GDP during 2022-23 is estimated at 7.0 percent as compared to that of 9.1 percent in 2021-22,” the MoSPI said.