India, Asia’s third-largest economy has now posted the fifth consecutive growth of positive growth. The growth albeit, is slower than previous two quarters, amid rising risks from higher prices of crude oil and commodities after Russia’s invasion of Ukraine.
Economists in a Reuters poll had forecast gross domestic product in Asia’s third-largest economy grew 6% year-on-year in the December quarter, compared with an upwardly revised 20.3% in the April-June period and 8.5% in July-September.
India’s gross domestic product (GDP) had grown by 8.4% in the quarter ended July-September. The dip in growth momentum may be attributed to the fading base effect.
The government estimates the growth in GDP during 2021-22 at 8.9% as compared to a contraction of 6.6% in 2020-21.
In absolute terms, the GDP increased to Rs 38,22,159 crore whereas it was Rs 36,26,220 crore in the third quarter of FY21.
Gross Value Added (GVA) grew by 4.7% YoY. In the previous quarter, GVA had increased by 8.4% YoY. At the same time, the nominal GDP grew by 15.7%. In the previous quarter, it had increased by 19.3%.
ET Online
