India’s second quarter GDP growth slows to 6.3%
India’s economic growth slowed down to 6.3% in the July-September quarter, marginally higher than the 6.2% forecast by economists in a Reuters poll for the quarter
NEW DELHI: India’s real (inflation adjusted) gross domestic product (GDP) grew 6.3% in the July-September quarter, far slower than 13.5% in the previous quarter, official data released by the ministry of statistics and programme implementation showed on Wednesday.
Gross value added, which strips out the subsidies and indirect taxes, grew 5.6% year-on-year in the second quarter, compared with 12.7% in the first quarter, the data showed. In 2021-22, GDP growth was 8.4% in the July-September quarter.
GDP is the sum of all goods and services produced in an economy and is taken to be the widest measure of incomes generated.
Among key economic sectors, agricultural growth increased 4.6% while manufacturing fell 4.3%. The construction sector saw a 6.6% annual increase in economic activity, the data showed. The mining sector shrunk 2.8%, compared to a growth of 6.5% in the previous three months.
Nominal GDP, at current prices in the second quarter FY22, was estimated at ₹65.31 lakh crore, as against ₹64.95 lakh crore in the previous quarter, according to Wednesday’s data.
The government’s capital spending increased more than 40% as the Centre stepped up expenditure on infrastructure from roads to railways.
Data released separately showed the growth rate in the production of eight key sectors slowed down to 0.1% in October against 8.7% in the same month last year. In September, the core sectors’ output growth stood at 7.8%.