India's Q2FY23 GDP growth slows to 6.3%: Govt data

Indian economy returned to a more normal 6.3% annual growth rate in July-September after double-digit expansion in the previous quarter, showed government data on Wednesday.

In April-June, Asia's third-largest economy showed explosive growth of 13.5% from a year earlier thanks mainly to the corresponding period in 2021 having been depressed by pandemic-control restrictions. The gross domestic product (GDP) had expanded by 8.4% in the July-September quarter of 2021-22, according to data released by the National Statistical Office (NSO).

But with the Reserve Bank of India (RBI) now raising interest rates to tamp inflation running above its target range of 2% to 6% target, the economy is set to slow further.

Earlier this month, in an article published in the RBI bulletin, the GDP growth was pegged at 6.1 to 6.3 per cent in the second quarter of this fiscal year.

China registered an economic growth rate of 3.9% in July-September, 2022.