India’s GDP grows 6.3% in second quarter, in line with RBI projection

India’s gross domestic product (GDP) grew at 6.3 per cent year-on-year (YoY) in the second quarter of the current financial year (Q2FY23), the latest data released by the government of India showed on Wednesday. In Q2FY22, the GDP growth rate was 8.4 per cent.

“Real GDP or GDP at Constant (2011-12) Prices in Q2 2022-23 is estimated at Rs 38.17 trillion, as against Rs 35.89 trillion in Q2 2021-22, showing a growth of 6.3 per cent as compared to 8.4 per cent in Q2 2021-22,” the Ministry Of Statistics and Programme Implementation said.

The nominal growth rate was 16.2 per cent (YoY).

“Nominal GDP or GDP at Current Prices in Q2 2022-23 is estimated at Rs 65.31 trillion as against Rs 56.20 trillion in Q2 2021-22, showing a growth of 16.2 per cent as compared to 19 per cent in Q2 2021-22,” it added.

In the first half of FY23, the GDP growth rate was 9.7 per cent as against 13.7 per cent during the same period last year.

The manufacturing and mining sectors recorded a fall in growth at 4.3 and 2.8 per cent respectively.

In its monetary policy announcement on September 30, the RBI said real GDP growth for 2022-23 is projected at 7 per cent, with July-September at 6.3 per cent, October-December at 4.6 per cent, and January-March at 4.6 per cent, and risks broadly balanced.

The Reserve Bank of India (RBI) in the “State of the Economy” article had pegged the GDP growth at 6.1 to 6.3 per cent for Q2F23.

The rating agency ICRA had earlier this month predicted the gross domestic product (GDP) growth rate at 6.5 per cent, while the State Bank of India pegged the growth rate at 5.8 per cent.