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Indian Economy Shrinks to 4.4% in October-December 2022 Quarter

The Indian economy grew at a lower-than-expected 4.4% in the October-December 2022 quarter on the back of a contraction in manufacturing and low growth in consumption.

Indian Economy Shrinks to 4.4% in October-December 2022 Quarter
Draw an image in intricate art and illustration style. Category is Business and Title of the image is Indian Economy Shrinks to 4.4% in October-December 2022 Quarter

The GDP numbers released by the National Statistical Office (NSO) on Tuesday showed that the Indian economy grew at a lower-than-expected 4.4% in the October-December 2022 quarter on the back of a contraction in manufacturing and low growth in consumption. The numbers disrupted three key lines of thinking about the Indian economy’s performance, with the second advance estimates for 2022-23 retaining the 7% growth projection made in the first advance estimates released on January 6. This implies that the Indian economy will actually gain and not lose growth momentum in the quarter ending March 2023. The chief economic adviser (CEA) V Anantha Nageswaran said that the 7% GDP forecast for current fiscal is “very realistic” and India remains a bright spot among the “large sized economies”. Statistics released by NSO on February 28 have also made changes to GDP growth numbers for previous years. Analysts have pointed to areas of concern in the quarter’s data, with the Monetary Policy Committee (MPC) of RBI projecting GDP growth rate for the quarters ending December 2022 and March 2023 at 4.4% and 4.2% respectively. NSO’s latest statistics, analysts believe, will add to the already growing hawkish monetary policy sentiment and increase the possibility of yet another rate hike when the monetary policy committee of RBI meets in April.

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