The Ministry of Statics and Programme Implementation in its latest report has stated that India’s economic growth slowed down to 4.4% in the third quarter of 2022-23 (Q3FY23) mainly due to poor performance of the manufacturing sector. In October-December 2021, the economy grew by 11.2% and by 6.3% in the July-September 2022 quarter. GDP at Constant (2011-12) Prices in Q3 2022-23 is estimated at Rs 40.19 lakh crore, as against Rs 38.51 lakh crore in Q3 2021-22. GDP at Current Prices in Q3 2022-23 is estimated at Rs 69.38 lakh crore, as against Rs 62.39 lakh crore in Q3 2021-22, showing a growth of 11.2%.
It has also pegged the country’s growth at 7% for 2022-23. Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2022-23 is estimated to attain a level of Rs 159.71 lakh crore, as against the First Revised Estimate of GDP for the year 2021-22 of Rs 149.26 lakh crore. Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to attain a level of Rs 272.04 lakh crore, as against Rs 234.71 lakh crore in 2021-22, showing a growth rate of 15.9% . Besides, the NSO revised the GDP growth for 2021-22 to 9.1% against the earlier estimate of 8.7%.
In terms of sectors, the manufacturing sector contracted by 1.1% on-year in the quarter as compared to 1.3% growth in same quarter of last year. 'Agriculture, Forestry & Fishing' is estimated to have grown 3.7%, which is on account of a good kharif crop. Private final consumption expenditure (PFCE), a proxy for household consumption, accounted for 63.3% in nominal GDP for the October-December quarter (Q3) compared with 65.1% in Q3FY22. Government final consumption expenditure (GFCE) has a 9% share in nominal GDP compared with 9.5% for the same period last year, while gross fixed capital formation (a proxy for infrastructure investment) was 26.8% versus 26.6%.
