India’s GDP growth: In the second quarter of the current fiscal year (Q2FY23), according to the most recent data made public by the Indian government, the gross domestic product (GDP) of India increased by 6.3% YoY. The GDP growth rate in Q2FY22 was 8.4%.
“Real GDP or GDP at Constant (2011-12) Prices in Q2 2022-23 is estimated at Rs 38.17 trillion, as against Rs 35.89 trillion in Q2 2021-22, showing a growth of 6.3 per cent as compared to 8.4 per cent in Q2 2021-22,” the Ministry Of Statistics and Programme Implementation said.
The nominal growth rate was 16.2 per cent (YoY). “Nominal GDP or GDP at Current Prices in Q2 2022-23 is estimated at Rs 65.31 trillion as against Rs 56.20 trillion in Q2 2021-22, showing a growth of 16.2 per cent as compared to 19 per cent in Q2 2021-22,” it added.
The GDP growth rate in the first half of FY23 was 9.7% as opposed to 13.7% in the same time last year. Manufacturing and mining both had their growth rates decline, by 4.3 and 2.8%, respectively.
The RBI stated that risks are fairly balanced and that real GDP growth for 2022–2023 is estimated to be 7%, with July–September growth of 6.3%, October–December growth of 4.6%, and January–March growth of 4.6%.
The GDP growth for Q2F23 was estimated by the Reserve Bank of India (RBI) to be between 6.1 and 6.3 percent in the “State of the Economy” article.
Earlier this month, the rating agency ICRA forecast that the gross domestic product (GDP) would expand at a rate of 6.5%, compared to the State Bank of India’s estimate of 5.8%.