India’s gross domestic product (GDP) slowed to 6.3 per cent during the July-September (Q2) period of the current financial year 2022-23 as compared with 8.4 per cent during the second quarter (Q2) of 2021-22, according to a government statement released on Wednesday.
However, the GDP has practically halved to 6.3 per cent in the Q2 of current fiscal from 13.5 per cent growth recorded in Q1 (April-June), according to data released by the National Statistical Office (NSO).
The drastic fall in GDP growth in July-September period was mainly due to moderating of a favourable base effect.
According to the government data available, the gross value added (GVA) at basic price at constant terms during the September quarter rose 5.6 per cent. The GVA at Basic Price at current prices rose 16.2 per cent in Q2 2022-23.
“Nominal GDP or 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 per cent as compared to 19 per cent in Q2 2021-22,” according to the statement released by the ministry of statistics and programme implementation.
The quarterly estimates of national accounts are indicator based and data sourced from various ministries/departments/private agencies serve as valuable inputs in the compilation of these estimates.
According to the statement, the government will release quarterly GDP estimates for the quarter October-December, 2022 (Q3 2022-23) on 28 February 2023.