The National Statistical Office (NSO), on February 28, released the GDP data for the third quarter of the current financial year, which is in line with the Reserve Bank of India's estimate of 4.4 per cent.
The GDP in the first quarter of FY 2021-22 was 21.6 per cent, while the GDP in the first quarter of FY 2022-23 was 13.2 per cent. At the same time, the GDP in the second quarter of FY 2021-22 was 9.1 per cent and in the third quarter 5.2 per cent, while the GDP in the second quarter of FY 2022-23 was 6.3 per cent and 4.4 per cent in the third quarter.
The NSO, in its second advance estimate, has predicted a growth rate of 7 per cent in the current financial year. According to the NSO, the GDP at constant prices of the base year 2011-12 is estimated to be Rs 40.19 lakh crore in the third quarter of FY 2022-23, as compared to Rs 38.51 lakh crore in the same quarter of the previous financial year.
The decline in GDP has been recorded largely due to the poor performance of the manufacturing sector. Manufacturing sector output registered a decline of 1.1 per cent in the December quarter, while a growth of 1.3 per cent was registered in the same quarter of the previous financial year.
GDP was affected in the June and September quarters due to a weak base.
Inflation has damaged the GDP figures for the December quarter. Despite this, the Indian economy is in a better position as compared to the global economy.
This story is from the March 10, 2023 edition of Millennium Post Delhi.
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This story is from the March 10, 2023 edition of Millennium Post Delhi.
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