GDP Dips To 6.3%, as Mining Output Decreases

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According to estimates made public by the National Statistical Office, manufacturing and mining output decreased year over year in the July-September quarter, dragging Gross Value Added growth to a slower-than-expected 5.6% rate. This, along with high inflation and weak exports, combined to slow overall Gross Domestic Product (GDP) growth to a 6.3% rate. India’s GDP in the first half of 2022–23 was a little over 75 lakh crore or 5.7% more than the same pre–COVID level. GDP growth during the April to June fiscal quarter was 13.5%, and GVA growth was 12.7%.

Manufacturing and mining GVA decreased in Q2 compared to the same period a year earlier by 4.3% and 2.8%, respectively, while agriculture GVA growth accelerated to 4.6% in the second quarter from 4.5% in the prior three months. For the first half of 2022-23, the Indian economy recorded a 9.7% growth in GDP, compared with 13.7% in the same period last year, while GVA rose 9%, compared with its 12.8% surge.