The pace of economic development of the country slowed down, GDP was 4.4 percent in the third quarter

GDP Data For 3rd Quarter FY23: During the third quarter of the financial year 2022-23 from October to December, the country’s economy has grown at the rate of 4.4 percent. Whereas in the third quarter of the last financial year 2021-22, the GDP was 5.4 percent. The GDP figure announced for the third quarter is less than that of the second quarter of the current financial year. In the second quarter, the Indian economy had grown at a rate of 6.3 percent. Whereas in comparison, the pace of economic growth has been slow in the third quarter. It is believed that this decline in GDP has occurred due to back-breaking inflation and lack of demand.

GDP will be 7 percent in 2022-23

The Ministry of Statistics & Program Implementation has projected the economic growth rate to be 7 percent in the financial year 2022-23. While the GDP in the financial year 2021-22 was 9.1 percent. Also, while releasing the GDP figures, the ministry said that in the third quarter of the financial year 2022-23, the GDP reached Rs 40.19 lakh crore, which stood at Rs 38.51 lakh crore in the same quarter last year. At the same time, the nominal GDP is estimated to be Rs 272.04 lakh crore in 2022-23, which is 15.9 percent more than Rs 234.71 lakh crore in 2021-22.

health of sectors

In the data released by NSO, it has been said that in the third of the financial year 2022-23, the growth rate of agriculture sector has been 3.7 percent, while in the same period of 2021-22 it was 2.3 percent. The growth rate of the manufacturing sector has gone into minus and it has been -1.1 per cent as compared to 1.3 per cent in the same quarter last year. The growth rate of the construction sector has been 8.4 percent as compared to 0.2 percent in the same quarter of 2021-22. Similarly, the growth rate of services related to trade, hotel, transport, communication and broadcasting has been 9.7 percent, which was 9.2 percent in the same quarter of 2021-22. The growth rate of financial, real estate and professional services has been 5.8 percent, which was 4.3 percent in the second quarter of last year. The growth rate of electricity, gas and water supply and other utility services has been 8.2 percent in the second quarter of the current financial year, which was 6 percent in the same period last year.

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