NEW DELHI: India’s economy grew 4.4% in the October-December quarter of 2022, slower than the previous three-month period of 6.3%, pointing to the impact of global headwinds and lower consumption, data released by the ministry of statistics and programme implementation on Tuesday showed.
In a survey derived from 41 professional forecasters, the Reserve Bank of India (RBI) this month estimated gross domestic product (GDP) growth for the third quarter at 4.6-6.9%.
Real GDP (or growth adjusted for inflation) in 2022-23 is estimated to be ₹159.71 lakh crore, against the first revised estimate of GDP for the year 2021-22 of ₹149.26 lakh crore. Growth during 2022-23 is therefore pegged at 7% compared to 9.1% the previous year, the data showed.
Growth has been held up by the services sector while manufacturing shrunk 1.1% in the third quarter compared to a contraction of 3.6% in the previous quarter. Agriculture grew 3.7% against a 2.4% growth in the previous three months.
According to the finance ministry’s projections, India, Asia’s third-largest economy, is set to be the world’s fastest-growing but rising inflation and interest rates have dampened consumption, which accounts for over half of India’s GDP. Russia’s invasion of Ukraine and softer exports also continue to pose downside risks.
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