India's Q3 GDP Data Out: Indian Economy Grows By 4.4 % In October-December 2022

India GDP Q3: India’s latest GDP data for the third quarter of the current fiscal 2022-23 (Q3 FY23) was released on February 28 by the National Statistical Office (NSO). Indian economy grows by 4.4 % in October-December 2022 compared to 11.2 % year ago.

India’s economic growth in 2021-22 revised upwards to 9.1 % from 8.7 % earlier. The economy to grow at 7 % in 2022-23, government data said.

The central government’s fiscal deficit touched 67.8 per cent of the full-year target at the end of January due to higher expenses and lower revenue realisations, according to official data released on Tuesday.

In actual terms, the fiscal deficit or gap between the expenditure and revenue collection during April-January period stood at Rs 11.9 lakh crore, as per the data from the Controller General of Accounts (CGA).

In the first advance estimates of the national income for FY23 in early January, the NSO estimated the Indian economy to grow at 7 per cent in 2022-23, as against 8.7 per cent in the previous fiscal, mainly due to poor performance of the manufacturing sector.

Also Read: Fiscal Deficit Touches 67.8% Of Full-year Target At End Of January: Govt Data

The output of the manufacturing sector is estimated to decelerate to 1.6 per cent as against a growth of 9.9 per cent in FY22.

In the previous quarter ended September 30, 2022 (Q2 FY23), India’s GDP had grown 6.3 per cent.

Earlier, rating agency Icra expected India’s GDP to grow 5.1% in Q3FY23, State Bank of India (SBI) sees a 4.6% growth, while Barclays India expects the economy to grow 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 might have slowed further in the December 2022 quarter and is set to lose momentum further amid interest rate hikes that weighed on business activity.

The Indian economy likely grew 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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