India's economy grew 5.4% year-on-year in the October-December quarter, slower than previous two quarters, government data on Monday showed, amid rising risks from higher prices of crude oil and commodities after Russia's invasion of Ukraine.
The economy expanded 20.1% in the April-June quarter and 8.4% in July-September, mostly because of weak performances in the same quarters in 2020 when the pandemic took hold.
The National Statistical Office’s (NSO’s) second advance estimates for FY22 pegged the current fiscal year’s real gross domestic product (real GDP) growth at 8.9%, compared with 9.2% projected in the first advance estimates.
"Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2021-22 is estimated to attain a level of Rs 147.72 trillion, as against the First Revised Estimate of GDP for the year 2020-21 of Rs 135.58 trillion, released on 31.01.2022," said MoSPI.
India’s Industrial output grew a mere 0.4% in December, a much slower pace than expected.
The Reserve Bank of India has been prioritising growth and held interest rates at record lows at its February meeting, despite inflation breaching the upper limit of its target range.
The reason for this downward revision is the recent upward revision in FY21 GDP contraction, to negative 6.6% from negative 7.3%.
China's economy grew by 4% in October-December 2021.
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