On November 30, 2022, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, (MoSPI) released the Estimates of Gross Domestic Product (GDP) for the Second Quarter (July-September) 2022-23 or Q2FY23.
- As per it, India’s gross domestic product (GDP) for the Q2FY23 slowed to 6.3% as compared to the expansion of 8.4% in Q2FY22. It was 13.5% in the April-June quarter of FY23 (Q1FY23).
- However, Indian economy is on track to achieve a 8-7% GDP growth in FY23.
i.Real GDP or GDP at Constant (2011-12) Prices in Q2FY23 is estimated at Rs 38.17 lakh crore, as against Rs 35.89 lakh crore in Q2FY22.
ii.Nominal GDP or GDP at Current Prices in Q2FY23 is estimated at Rs 65.31 lakh crore, as against Rs 56.20 lakh crore in Q2FY22.
- This shows a growth of 16.2% in Q2FY23 as compared to 19% in Q2FY22.
iii. Real GDP in April-September FY23 (H1FY23) is estimated at Rs 75.02 lakh crore as against Rs 68.36 lakh crores during H1FY22.
- This shows a growth of 9.7% in H1FY23 as against 13.7% in H1FY22.
iv.Nominal GDP in H1FY23 is estimated at Rs 130.26 lakh crore as against Rs 107.47 lakh crores in H1FY22.
- This shows a growth of 21.2% in H1FY23 as against 25% in H1FY22.
Gross Value Added (GVA)
i.The GVA at basic price at constant terms during the Q2FY23 increased by 5.6% as compared to 8.3% in Q2FY22.
- It stood at Rs 3,505,599 crore in Q2FY23 as compared to Rs 3,319,248 crore in Q2FY22.
ii.The GVA at basic price at current prices rose 16.2% in Q2 2022-23 as compared to the growth of 17.9% in Q2FY22.
- It stood at Rs 5,859,890 crore in Q2FY23 as compared to Rs 5,043,357 crore in Q2FY22.
iii.The GVA of trade, hotels, transport, communication & services related to broadcasting witnessed a rise of 14.7% while that of financial, real estate & professional services climbed 7.2%.
iv.The construction segment grew 6.6% while public administration, defence and other services rose 6.5%.
v.Electricity, gas, water supply & other utility services climbed 5.6% and agriculture, forestry & fishing segment witnessed a 4.6% rise in GVA.
vi.The GVA in the manufacturing sector contracted 4.3% in Q2FY23.
- GVA in mining also declined by 2.8%.
The next release of quarterly GDP estimates for the quarter October-December, 2022 (Q3 FY23) will be on February 28, 2023.
Recent Related News:
i.According to a report released by NSO, Andhra Pradesh (AP) emerged as the top performer in agriculture & allied Gross Value Output (GVO).
ii.In August 2022, NSO, in its Working Paper on Compilation of Labour Indicators of the Minimum Set of Gender Indicators to develop a methodology for compiling three labour indicators, reported that between 2017 and 2020, the proportion of employed people working part-time in the 46–59 years age group across all of India was greater than 10%, while the proportion was greater than 15% in the above 60 age group.
About Ministry of Statistics and Programme Implementation (MoSPI):
MoSPI is the nodal agency for the planned and organized development of the statistical system in India.
Ministers of State (Independent Charge)– Rao Inderjit Singh (Gurugram Constituency – Haryana)