India’s economy developed by 5.4% in the third quarter (Q3FY22) as the official gross domestic product (GDP) data for the October-December quarter was announced on Monday, meanwhile, it slowed from the last two quarters.
The expansion in GDP during 2021-22 is expected to be at 8.9% as against a squeeze of 6.6% in 2020-21, as per the data announced by the National Statistical Office (NSO). In its first advance measures published in January, the government had expected to be 9.2% progress for the present fiscal.
The economy had broadened 0.7% in the complementary period of 2020-21 to develop from a pandemic-induced recession. Asia’s third-biggest economy had noticed a fourth successive quarter of positive growth in the July-September period (Q2) at 8.4%, as economic activity receded to near-normalcy after covid-related disruptions had lessened. However, the GDP expansion in the July-September period was stagnant than the 20.1% growth in the last quarter, on a low basis.
Nominal GDP or GDP at this rate in the year 2021-22 is assessed to achieve a level of ₹236.44 lakh crore, as compared to ₹198 lakh crore in 2020-21, revealing a growth rate of 19.4%, the data indicated.
Economists had predicted about 6% year-on-year development during the three months to end-December 2021, slower than the earlier two quarters, with new suspicions rising over restricting momentum after Russia’s attack on Ukraine.
The Reserve Bank of India (RBI), in its current monetary policy, pegged India’s GDP development rate for the present financial year at 9.2%, and 7.8% for the following year. RBI Governor Shaktikanta Das announced there was some loss of economic momentum due to the third pandemic wave and the need for contact intensive sector was hushed.