According to figures issued by the National Statistical Office (NSO) on Tuesday, GDP (Gross Domestic Product) growth was 11.2% in the third quarter of 2021 and 6.3% in the July-September 2022 period.According to gross value added, the manufacturing sector’s output decreased by 1.1% in the third quarter of this fiscal year compared to a gain of 1.3% in the same period last year.
Source: Adda 247Estimated GDP prices for the third quarter are Rs. 40.19 lakh crore. The NSO has also increased India’s projected economic growth for 2021u20132022 from 8.7 to 9.1 percent. The second advance estimate, which the government also provided, maintained India’s full-year GDP growth prediction of 7% for this year.
Source: Study IQThe economy grew by 6.3% from June to September of the previous year, which was a decrease from the quarter’s 13.5 % growth from April to June.
The results were as expected, as many economists had forecast a moderating of the growth momentum due to poor demand in the wake of the Central Bank of India’s aggressive rate hikes. To combat inflation, the RBI has raised the main lending rate to banks by a total of 250 basis points since May 2022.
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