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India’s GDP growth slides to 4.4% in December quarter of 2022-23

Gross domestic product concept

According to figures issued by the Statistics and Programme Implementation Ministry on Tuesday, India’s economic growth decreased for the second consecutive quarter in the October-December period of the current financial year, to 4.4%. This decline was caused by weak demand and rising inflation.

The GDP increased by 6.3% in the third quarter of 2022–2023. The growth in the second quarter was practically half of the 13.2% rise in the quarter from April to June of the current fiscal.

The Reserve Bank of India (RBI) projected a growth rate of 4.4% for the final quarter of 2022–2023; however, that prediction was based on the central bank’s annual GDP projection of 6.8%.

For 2022–2023, the first advance estimate of the GDP, which was announced last month, predicted a 7% growth.

The second advance estimate, which was announced on Tuesday, indicates that the current fiscal’s 7% growth rate has been maintained.

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