After the October-December (third quarter, or Q3) gross domestic product (GDP) came in below market expectations last week, Chief Economic Advisor (CEA) V Anantha Nageswaran said that the figures came across as tepid due to revisions made in earlier years, and had to be analysed in that context.
Interacting with reporters following the release of official data, Nageswaran said: "Given the high-frequency data we have been seeing, and their pace of recovery, it is likely that data for the current year's Q3 will undergo upward revision," adding that the latest data is based on incomplete print, especially since quarterly data in India is not seasonally adjusted.
India's economy grew at a weaker-than-expected 4.4 per cent in Q3 amid wide revisions to earlier GDP figures, as manufacturing output contracted for the second consecutive quarter and consumer demand slowed.
A survey of 41 professional forecasters by the Reserve Bank of India (RBI) earlier this month pegged median GDP growth at 4.6 per cent for Q3. However, the projected RBI December quarter GDP growth at 4.4 per cent.
This story is from the March 09, 2023 edition of Business Standard.
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This story is from the March 09, 2023 edition of Business Standard.
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