Edited by: Namit Singh Sengar
Last updated: February 28, 2023, 5:43 PM IST
India GDP Q3: India’s latest GDP data for the third quarter of the current fiscal year 2022-23 (Q3 FY23) was released by the National Statistical Office (NSO) on February 28. The Indian economy will grow by 4.4% in October-December 2022 compared to 11.2% a year ago.
The central government’s budget deficit reached 67.8 percent of its full-year target at the end of January due to higher spending and lower revenues, according to official data released Tuesday.
In reality, the budget deficit or the gap between expenditure and revenue collection in the April-January period was Rs 11.9 lakh crore, according to data from the Controller General of Accounts (CGA).
In its first preliminary estimates of national income for FY23 in early January, the NSO estimated that the Indian economy would grow by 7 percent in 2022-2023, up from 8.7 percent in the previous fiscal year, mainly due to poor performance by the manufacturing sector. sector.
Also Read: Fiscal Deficit Reaches 67.8% of Full Year Target at End of January: Government Data
Manufacturing output is estimated to slow to 1.6 percent, up from 9.9 percent growth in FY22.
In the previous quarter ending 30 September 2022 (Q2 FY23), India’s GDP had grown by 6.3 percent.
Earlier, rating agency Icra expected India’s GDP to grow by 5.1% in Q3FY23, State Bank of India (SBI) sees growth of 4.6%, while Barclays India expects the economy to grow by 5%, and the RBI sees the country’s GDP growth at 4.4% in the December 2022 quarter.
According to a Reuters poll of economists, India’s economic growth may have slowed further in the December 2022 quarter and will continue to lose momentum amid rate hikes weighing on business activity.
India’s economy is likely to grow 4.6% year on year, according to the poll, on weak global demand and monetary tightening by the Reserve Bank of India.
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