India registers 6.3% slow GDP growth for Q2: Govt data

New Delhi: India’s Q2 Gross Domestic Product (GDP) for the July-September period of the current financial year is 6.3%. The data released by National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation showed the GDP growth rate.

GDP is derived as the sum of the gross value added (GVA) at basic prices, plus all taxes on products, less all subsidies on products. The total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue.

The country`s gross domestic product (GDP) for the April-June quarter (Q1) of the ongoing financial year 2022-23 rose 13.5 per cent, as per provisional estimates released by National Statistical Office (NSO) on August 31, 2022.

According to the government data, the GDP had expanded by 20.1 per cent in the corresponding quarter of 2021-22.Nominal GDP or GDP at current prices in Q1 2022-23 is estimated at Rs 64.95 lakh crore, as against Rs 51.27 lakh crore in Q1 2021-22, showing a 26.7 per cent growth, against 32.4 per cent in Q1 2021-22.

India`s gross domestic product (GDP) slowed to 6.3 per cent during the July-September (Q2) period of the current financial year 2022-23 as compared with 8.4 per cent during the second quarter (Q2) of 2021-22, according to a government statement released on Wednesday.According to the provisional estimates released by National Statistical Office (NSO) on Wednesday, the GDP for the preceding April-June quarter (Q1) of 2022-23 saw a 13.5 per cent growth.

According to the government data available, the gross value added (GVA) at basic price at constant terms during the September quarter rose 5.6 per cent. The GVA at Basic Price at current prices rose 16.2 per cent in Q2 2022-23."Nominal GDP or GDP at current prices in Q2 2022-23 is estimated at Rs 65.31 lakh crore, as against Rs 56.20 lakh crore in Q2 2021-22, showing a growth of 16.2 per cent as compared to 19 per cent in Q2 2021-22," according to the statement released by the ministry of statistics and programme implementation.The quarterly estimates of national accounts are indicator based and data sourced from various ministries/departments/private agencies serve as valuable inputs in the compilation of these estimates.

According to the statement, the government will release quarterly GDP estimates for the quarter October-December, 2022 (Q3 2022-23) on February 28, 2023.

With Agency Inputs