India's GDP Growth Slows To 6.3 Per Cent In July-September Quarter The chief economic advisor V Anantha Nageswaran, on Wednesday, has said that the Indian economy is on track to achieve a 6.8 to 7 per cent GDP growth in the current fiscal

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

According to an official data released by the ministry of statistics and implementation, released on Wednesday, India's real gross domestic product (GDP) grew 6.3 per cent in the July-September quarter, far slower than 13.5 per cent in the previous quarter.

However, the data also showed that India remained the fastest-growing major economy as China registered an economic growth of 3.9 per cent in July-September 2022. The Indian economy grew by 8.4 per cent in July-September, 2021-2022.

"Real GDP or GDP at Constant (2011-12) prices in Q2 2022-23 is estimated at INR 38.17 lakh crore, as against INR 35.89 lakh crore in Q2 2021-22, showing a growth of 6.3 per cent as compared to 8.4 per cent in Q2 2021-22," said the NSO in a statement.

On the backdrop of this economic fluctuation, the chief economic advisor V Anantha Nageswaran, on Wednesday, has said that the Indian economy is on track to achieve a 6.8 to 7 per cent GDP growth in the current fiscal.

"Indian economy is growing despite the global monetary tightening and commodity price shock caused by the geo-political situation. The economic recovery momentum is continuing, and the GDP is averaging the 2019-20 level," said CEA, in a statement.

"Manufacturing has shown a decline but most of the sectors have shown overall growth rate. It is heartening that the capital formation rate in Q2 is similar to that of Q1. India's growth trajectory is over and above the other nations," Nageswaran added.

On prices hike, CEA mentioned that current inflation rate is well below the peak of 7.8% seen earlier this year while in many other nations are still not sure whether inflation has peaked

As per reports, the IMF has projected the Indian economy to grow at 6.8 per cent this fiscal, while the RBI has pegged it at 7 per cent.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

'I Love Doing Product Reviews': Bill Gates Stepped Down from Microsoft in 2020, But Admits He Still Spends 15% of His Time Working at the Company

In a new interview with the Wall Street Journal, Gates also said he is still close with Microsoft's CEO Satya Nadella.

Business News

'Everyone Can Profit From It': What Is DeepSeek? China's 'Cheap' to Make AI Chatbot Climbs to the Top of Apple, Google U.S. App Stores

DeepSeek researchers claim it was developed for less than $6 million, a contrast to the $100 million it takes U.S. tech startups to create AI.

Franchise

Franchise Models Explained — How to Choose the Right One for Your Goals

Navigating the franchise world starts with understanding key business models. Here's how project-based and subscription franchises differ in investment, scalability, and recession resistance.

Business News

Elon Musk's DOGE Is Hiring People Eager to 'Work Long Hours' to Eliminate 'Waste, Fraud and Abuse' in the Government. Here's How to Apply.

The Department of Government Efficiency is hiring U.S. citizens to help cut spending and headcounts in the federal government.

News and Trends

Shadowfax Acquires CriticaLog to Enhance High-Value Logistics Operations

Shadowfax currently handles over 2 million packages daily. With this acquisition, the company aims to address growing demand for secure and efficient logistics solutions for high-value goods in India

Branding

How to Build a Strong Brand Identity for Your Early-Stage Startup

Branding might not be your first priority, but neglecting it can hurt your startup. A strong brand identity early on sets the stage for marketing success.