India’s GDP grows 5.4% in Q3 as against 8.5% in September quarter

NEW DELHI: India’s gross home product (GDP) for the quarter ended December 31, 2021 grew by 5.4 per cent, information launched by the Centre confirmed on Monday.
Within the earlier two quarters, the economic system expanded 20.3 per cent and eight.5 per cent, respectively, the second revised estimates of GDP information given by ministry of statistics and planning implementation confirmed.
GDP development information for Q1 of FY22 has been revised from 20.1 per cent to twenty.3 per cent, whereas that for Q2 was revised from 8.4 per cent to eight.5 per cent.
“GDP at fixed (2011-12) costs in Q3 of 2021-22 is estimated at Rs 38.22 lakh crore, as towards Rs 36.26 lakh crore in Q3 of 2020-21,” the discharge mentioned.

The slowdown in tempo of development was skilled as India witnessed a 3rd wave of Covid infections in December, forcing states to impose restrictions like evening and weekend curfew.
Surge in Omicron circumstances in December and January compelled the Worldwide Financial Fund (IMF) to chop India’s development estimates to 9 per cent from an preliminary 11 per cent estimate.
Apart from, lacklustre manufacturing output and funding additionally slowed tempo of development. Industrial output for December grew at a mere 0.4 per cent, a lot slower tempo than anticipated.
Indian economic system has been on the mend in wake of falling Covid circumstances and rising tempo of vaccination. Within the earlier fiscal 12 months FY21, it had contracted 6.6 per cent.
Presenting the Union Price range 2022-23, finance minister Nirmala Sitharaman had projected a GDP development of 9.2 per cent — in step with the estimates given by the Reserve Financial institution of India (RBI) and the Financial Survey 2022.
Sitharaman had mentioned that India’s GDP development shall be highest amongst all main economies.
The Reserve Financial institution of India (RBI) has been prioritising development and held rates of interest at file lows at its February assembly, regardless of inflation breaching the higher restrict of its goal vary.
Nevertheless, some economists imagine that rising crude oil costs and provide disruptions following Russia’s invasion of Ukraine may additional sap India’s financial development, thereby posing dangers to family spending and personal investments.