The Indian economy grew by 6.3% in the second quarter (July-September) of the financial year 2022-23
Tags: Economy/Finance
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The Indian economy grew by 6.3% in the second quarter (July-September 2022) of the 2022-23 financial. The Indian economy grew by 13.5% in the first quarter (April to June 2022). The latest data means India's GDP has grown by 9.7 percent in the first half of 2022-23.
The sharp fall in GDP growth in July-September was due to the fading away of a favourable base effect.
Problem in Industrial sector
The Agriculture and Service sector did well but the Industrial sector has shown a negative growth.
The manufacturing sector showed a negative growth of 4.3 per cent in the July-September quarter, compared to 5.6 per cent growth in the previous quarter.
Mining sector showed a negative growth of 2.8 per cent as against 14.5 per cent growth a year earlier.
However the construction segment registered a growth of 6.6 per cent in July-September.
The latest economic data was released on 30 November 2022 by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
GDP growth rate at constant price (2011-12 base year)
Sector of Economy | Growth rate of GDP in Q1(April-June) 2022-23 | Growth rate of GDP in Q2 (July-September) 2022-23 |
Agriculture | 4.5% | 4.6% |
Industry | 8.5% | -0.8% |
Service sector | 17.6% | 9.3% |
GDP | 13.5% | 9.7% |
Gross value Addition (GVA) | 12.7% | 5.6% |
GVA=GDP + subsidies on products – taxes on products.
Nominal GDP
The Nominal GDP at Current Prices in Q2 2022-23 is estimated at Rs 65.31 lakh crore, as against Rs 56.20 lakh crore in Q2 2021-22, showing a growth of 16.2 percent.
While calculating the nominal GDP the market price of goods and services are included. It makes no adjustment for inflation
GDP at Constant Price or Real GDP
The Real Gross Domestic Product (GDP) at Constant Price (2011-12) in Q2 2022-23 is estimated at Rs 38.17 lakh crore, as against Rs 35.89 lakh crore in Q2 2021-22, showing a growth of 6.3 percent.
While calculating the GDP at constant price the price rise in the goods and services due to inflation is not counted. Prices are fixed to a base year. It measures the actual increase in the production of goods and services.
GDP at constant price is the best indicator to measure the growth of an economy.
Expected GDP growth rate in fiscal year 2022-23
The Growth of the Indian economy is expected to slow down sharply in the second half of the year.
RBI has predicted that Indian economy is expected to grow by 4.6 percent in both October-December 2022 and January-March 2023 quarter.
For the full year, RBI has forecasted a growth rate of 7 percent.
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