30 Nov 2022

Economic Growth Slows Down To 6.3 Percent But India Still Fastest-Growing Major Economy

New Delhi: India's economic growth has slowed down to 6.3 percent in the July-September quarter i.e. second quarter of current fiscal. But it still remained the fastest-growing major economy as China registered an economic growth of 3.9 percent during the same period.
The country’s economy was slowed down mainly by the poor performance of manufacturing and mining sectors, according to official data released on Wednesday.
A year earlier during the corresponding period i.e. in July-September, 2021-22, the economy grew by 8.4 percent, according to the data released by the National Statistical Office (NSO). The gross domestic product (GDP) expanded by 13.5 percent in the April-June quarter this fiscal.
Earlier this month, in an article published in the Reserve Bank of India (RBI) bulletin, the GDP growth was pegged at 6.1-6.3 per cent in the second quarter of this fiscal year.

As per the data, Gross Value Added (GVA) grew by 5.6 per cent to Rs 35.05 lakh crore in July-September this year.

The GVA growth in the farm sector is 4.6 per cent in the second quarter compared to 3.2 per cent a year ago.

However, the GVA in the manufacturing sector contracted 4.3 per cent during the quarter from 5.6 per cent growth during the year-ago period.

GVA in mining also declined by 2.8 per cent in the quarter compared to 14.5 per cent growth. The GVA growth in the construction sector also decelerated to 6.6 per cent in the quarter from 8.1 per cent.

The electricity, gas, water supply and other utility services segment grew by 5.6 per cent in the quarter compared to 8.5 per cent a year ago. 

GVA growth in the services sector -- trade, hotel, transport, communication and services related to broadcasting -- was 14.7 per cent during the second quarter against 9.6 per cent.

Financial, real estate and professional services grew by 7.2 per cent in the first quarter over 6.1 per cent earlier.

Public administration, defence and other services posted 6.5 per cent growth against 19.4 per cent in the second quarter of the last fiscal.

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