2022 Q2 GDP Data India: India’s gross domestic product (GDP) for the July-September quarter (Q2) of the ongoing financial year 2022-23 slowed to 6.3 per cent, as per provisional estimates released by National Statistical Office (NSO) on Wednesday. The GDP growth was dragged down mainly by the poor performance of manufacturing and mining sectors.
The Reserve Bank of India (RBI) in its report earlier this month projected a growth rate between 6.1-6.3 per cent in Q2.
Notably, India remained the fastest-growing major economy as China registered an economic growth of 3.9 per cent in July-September 2022.
As per the government data, the gross value added (GVA) at basic price at constant terms during the September quarter rose 5.6 per cent. The GVA at basic price at current prices rose 16.2 per cent in Q2 2022-23.
As per the data by the NSO, the GVA of trade, hotels, transport, communication & services related to broadcasting witnessed a rise of 14.7 per cent while that of financial, real estate & professional services climbed 7.2 per cent.
The construction segment grew 6.6 per cent while public administration, defence and other services rose 6.5 per cent. Electricity, gas, water supply & other utility services climbed 5.6 per cent and agriculture, forestry & fishing segment witnessed a 4.6 per cent rise in GVA, the data showed.
The GVA in the manufacturing sector contracted 4.3 per cent during the quarter from 5.6 per cent growth during the year-ago period. GVA in mining also declined by 2.8 per cent in the quarter compared to 14.5 per cent growth. The GVA growth in the construction sector also decelerated to 6.6 per cent in the quarter from 8.1 per cent.
Reflecting on the GDP numbers, Chief Economic Advsior V Anantha Nageswaran said the Indian economy is on track to achieve a 6.8-7 per cent GDP growth in the current fiscal.
He said the economic recovery momentum is continuing and the GDP is averaging the 2019-20 level.
“In 2022-23, the economy is on track to reach a 6.8-7 per cent growth in the current fiscal,” he said, adding festival sales, PMI, bank credit growth and auto sales data shows that the economy has maintained momentum despite global headwinds.
With PTI inputs