India's GDP Growth Slows To 6.3 Per Cent In July-September Quarter The chief economic advisor V Anantha Nageswaran, on Wednesday, has said that the Indian economy is on track to achieve a 6.8 to 7 per cent GDP growth in the current fiscal
By Teena Jose •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
According to an official data released by the ministry of statistics and implementation, released on Wednesday, India's real gross domestic product (GDP) grew 6.3 per cent in the July-September quarter, far slower than 13.5 per cent in the previous quarter.
However, the data also showed that India remained the fastest-growing major economy as China registered an economic growth of 3.9 per cent in July-September 2022. The Indian economy grew by 8.4 per cent in July-September, 2021-2022.
"Real GDP or GDP at Constant (2011-12) prices in Q2 2022-23 is estimated at INR 38.17 lakh crore, as against INR 35.89 lakh crore in Q2 2021-22, showing a growth of 6.3 per cent as compared to 8.4 per cent in Q2 2021-22," said the NSO in a statement.
On the backdrop of this economic fluctuation, the chief economic advisor V Anantha Nageswaran, on Wednesday, has said that the Indian economy is on track to achieve a 6.8 to 7 per cent GDP growth in the current fiscal.
"Indian economy is growing despite the global monetary tightening and commodity price shock caused by the geo-political situation. The economic recovery momentum is continuing, and the GDP is averaging the 2019-20 level," said CEA, in a statement.
"Manufacturing has shown a decline but most of the sectors have shown overall growth rate. It is heartening that the capital formation rate in Q2 is similar to that of Q1. India's growth trajectory is over and above the other nations," Nageswaran added.
On prices hike, CEA mentioned that current inflation rate is well below the peak of 7.8% seen earlier this year while in many other nations are still not sure whether inflation has peaked
As per reports, the IMF has projected the Indian economy to grow at 6.8 per cent this fiscal, while the RBI has pegged it at 7 per cent.
