As per the data released by the National Statistical Office (NSO), Ministry of Statistics and Program Implementation (MOSPI), India’s gross domestic product (GDP) decelerated to 4.4% in the 3rd quarter of 2022 i.e. October-December(Q3FY23) due to a contraction in the manufacturing sector.
- It was 6.3% in Q2FY23 (July-September 2022).
Key Points:
i.GDP at Constant (2011-12) Prices in Q3FY23 is estimated at Rs 40.19 lakh crore, as against Rs 38.51 lakh crore in Q3FY22, showing a growth of 4.4%.
ii.GDP at Current Prices in Q3FY23 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%.
iii.The manufacturing sector’s output, as per the Gross Value Added (GVA) in the Q3FY23, contracted by 1.1% as compared to a growth of 1.3% in Q3FY22.
iv. The GVA growth in farm sector – Agriculture, Forestry & Fishing was 3.7% in Q3FY23 compared to a growth of 2.3% in Q2FY22.
v.GVA growth in the services sector viz. trade, hotel, transport, communication and services related to broadcasting was 9.7% during the Q3FY23 as against 9.2% in Q3FY22.
vi.Financial, real estate and professional services grew by 5.8% in Q3FY23 over 4.3% in Q2FY22.
vii.Public administration, defence and other services posted 2% growth against 10.6% in the Q3FY22.
viii.The construction sector has grown by 8.4% in Q3FY23 compared to 0.2 % in Q3FY22.
ix.The electricity, gas, water supply and other utility services segment have grown by 8.2% compared to 6% in the Q3FY22.
Release of 2nd Advance Estimates of National Income, 2021-22
NSO also released it Second Advance Estimates (SAE) of National Income, 2021-22 which pegged India’s growth at 7% for FY23, same as first advanced estimate that was released in January 2023.
- It also revised the GDP growth for 2021-22 to 9.1% against the earlier estimate of 8.7%.
Highlights:
i.Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in FY22 is estimated to attain a level of Rs 147.72 lakh crore as against the First Revised Estimate of GDP for the year 2020-21 of Rs 135.58 lakh crore, released on January 31, 2022.
ii.The growth in GDP during 2021-22 is estimated at 8.9% as compared to a contraction of 6.6% in 2020-21.
iii.Nominal GDP or GDP at Current Prices in FY22 is estimated to attain a level of Rs 236.44 lakh crore, as against Rs 198.01 lakh crore in FY21, showing a growth rate of 19.4%
iv.The GVA for agriculture and allied activities is expected to remain at around 3.2% at constant prices, compared with 3.5% in FY22.
v.Kharif production for the 2022-23 (July-June) season, rice output is expected to be about 108.07 million tonnes, which is lower than 111 million tonnes achieved last year.
vi.wheat crop in FY23 is projected to reach a record 112.18 million tonnes, up 4.12% from FY22.
The next release of quarterly GDP estimates for the quarter January-March, 2023 (Q4 2022-23) and Provisional Annual Estimates for the year 2022-23 will be on 31st May, 2023.
Recent Related News:
i.In December 2022, the NSO released the Estimates of Gross Domestic Product (GDP) for the Second Quarter (July- September) 2022-23 or Q2FY23.
ii.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).
About the 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)
