New Delhi: India’s gross domestic product (GDP) growth rate stood at 6.3 per cent in the second quarter of the current financial year. According to the data released by the National Statistics Office (NSO) on Wednesday, the GDP growth rate was 8.4 percent in the July-September quarter of the last financial year 2021-22. GDP refers to the total value of goods and services produced in a given time period within the geographical limits of the country. Analysts had estimated that the economic growth rate in the second quarter would be half as against 13.5 per cent in the April-June quarter.
Economic growth was lower than expected
According to media reports, rating agency ICRA had projected the GDP growth rate to be 6.5 per cent in the July-September 2022 quarter, while the State Bank of India (SBI) report projected it to be 5.8 per cent. In a bulletin of the Reserve Bank of India published this month, the GDP growth rate was expected to be in the range of 6.1 to 6.3 percent. China’s economic growth rate was 3.9 percent in the July-September quarter this year.
16.2% increase in GVA at current prices
According to media reports, India’s gross domestic product (GDP) growth declined to 6.3 per cent during the second quarter of July-September of the current financial year 2022-23. According to data released by the National Statistical Office (NSO), GDP growth in the second quarter of 2022-23 was expected to halve as compared to 13.5 per cent in the previous April-June quarter. According to government data, gross value added (GVA) on the basis of basic prices at constant terms grew by 5.6 per cent in the second quarter of July-September of the financial year 2022-23. At the same time, on the basis of current prices in the period under review, an increase of 16.2 per cent was registered in GVA at basic prices.
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Nominal GDP estimated to be Rs 65.31 lakh crore
Along with this, according to the statement released by the Ministry of Statistics and Program Implementation, the nominal GDP at current prices in the second quarter of the financial year 2022-23 is estimated to be Rs 65.31 lakh crore, while in the second quarter of 2021-22 it is Rs 56.20 lakh crore. was Rs, which shows a growth of 16.2 per cent as compared to 19 per cent in the second quarter of 2021-22. The Quarterly Estimates of National Accounts are indicator based and data received from various Ministries, Departments, private agencies serve as valuable inputs in the compilation of these estimates.