India’s Economic Landscape:
The country’s economic growth rate came down to 4.4 per cent in the third quarter.
The country’s economy will grow at the rate of 7 per cent in the financial year 2022-23
The growth rate for the financial year 2021-22 has been revised to 9.1 per cent.
New Delhi, February 28 (HS): The country’s economy grew at a rate of 4.4 per cent during the third quarter (October-December) of the financial year 2022-23. Due to this, the country’s economy grew 11.2 per cent in the same quarter of the previous financial year 2021-22.
The National Statistical Office (NSO) has given this information in the data released on Tuesday. According to the data released by NSO, the GDP growth rate has come down to 4.4 per cent in the third quarter of the financial year 2022-23. According to the data, the decline in GDP is mainly due to the poor performance of the manufacturing sector. Gross domestic product (GDP) growth was recorded at 13.5 per cent in the second quarter and 6.3 per cent during the July-September quarter.
More about India’s Economic Landscape
In its second advance estimate, the NSO has estimated the economic growth rate to be 7 per cent in the current financial year. Along with this, the economic growth rate of the last financial year, 2021-22, has been revised from 8.7 per cent to 9.1 per cent. The Ministry of Statistics and Program Implementation, in its first advance estimate released last month, had projected the GDP growth rate to be seven per cent in the financial year 2022-23.
It is noteworthy that the RBI had projected the real GDP growth rate to be 6.8 per cent in the financial year 2022-23. At the same time, RBI expected it to be 4.4 per cent and 4.2 per cent, respectively, in the third and fourth quarters of the current financial year. However, in the current financial year 2022-23, the Asian Development Bank (ADB) has estimated a seven per cent growth in the Indian economy, while the International Monetary Fund (IMF) has said that the growth rate will be 6.8 per cent.
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