The Indian Economy Grew By 6.3% In The Second Quarter

Indian Economy Grew: The construction sector grew at a 6.6% annual rate in the third quarter. Down from 16.8% in the previous quarter.

According to data released by the ministry of statistics and programme implementation, India’s economy grew by 6.3% from July to September 2022 (QFFY23), compared to an explosive 13.5% growth in the previous quarter. The growth rate of India’s gross domestic product (GDP) in the same period last year was 8.4%.

The figures for QFFY23, which will be release on November 30, 2022, are in line with the Reserve Bank of India’s growth forecast for the period.


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Indian Economy Grew

Nominal GDP or GDP at current prices is expect to be Rs 65.31 lakh crore in Q2 FY23. Up from Rs 56.20 lakh crore in Q2 FY22. Representing a 16.2% increase compare to 19% in Q2 2021-22.

According to Samantak Das, chief economist and head of research at JLL India. These figures are impressive, especially given the strong countervailing forces such as high inflation and global headwinds wreaking havoc on economic activity.



The construction sector grew at a 6.6% annual rate in the third quarter, down from 16.8% in the previous quarter.

“Q2 growth reflects the normalisation of the growth rate as the base effect fades.” India’s growth rate remains at 6.3%, aided by strong domestic demand and strengthening activity in the services sector. Despite global headwinds, this indicates resilient progress during the quarter. “Government spending and private investments are expect to keep the growth momentum going.” Says Anshuman Magazine, chairman and CEO of CBRE for India. South-East Asia, the Middle East, and Africa.

construction sector grew

Meanwhile, Nomura, a rating agency, has predicted a broad-based slowdown.

“We believe India’s growth rate cycle has peaked, and a broad-based slowdown is underway.” Said Nomura economists Sonal Varma and Aurodeep Nandi in a November 30, 2022 note. “While lower inflation should support private consumption in the coming months,” they added. “the lag effects of tighter financial conditions and weak global demand will weigh on both investment and exports. While the post-pandemic catch-up in services is nearly complete.”





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