NEW DELHI: Indias gross domestic product for the third quarter (September-December 2022) of financial year 2022-23 grew by 4.4%, data launched by the Centre revealed on Tuesday.The National Statistical Office (NSO), in its second advance estimate of nationwide accounts, pegged the nations development at 7% for 2022-23, like that pegged by the first advanced estimates that was released in January.Besides, it modified the GDP growth for 2021-22 to 9.1% against the earlier price quote of 8.7%.

In the previous quarter (July-September 2022), Indias speed of GDP development had actually slowed to 6.3% from 13.5% in Q1.

For this quarter as well, the pace of growth is seen to have slowed.The sharp fall in year-on-year growth rate is partially due to a fading of pandemic-induced base effect which had actually contributed towards greater development figures in financial 2021-22.

The figure assumes significance as India is being considered as the brilliant area in the middle of relentless worries of global slowdown and recession.Sector-wise efficiency The production sector continues to dissatisfy as it diminished by 1.1% year-on-year in the quarter, a 2nd straight contraction showing weak point in customer need and exports.Meanwhile, electricity, gas, water supply and other utility services expanded by 8.2% as versus 6% last quarter.

Similary, building and construction also improved t 8.4% from 5.8% in Q2.

Agriculture and mining - & quarrying also broadened by 3.7% each, while trade, hotels and transportation was up to 9.7%.

The major frustration is negative development in manufacturing, which can be attributed to weak P&L accounts of this sector.

The Q2 results did suggest a fall in profits due to high input costs, Madan Sabnavis, chief economist at Bank of Baroda informed Reuters.

Farm production is to grow by 3.7% which is on account of an excellent kharif crop.

A revival in building activity by 8.4% propped up low base was likewise supported by greater level of building activity in both houses as well as roads, Sabnavis added.

Service sector parts continued to do well on the back of pent up need particularly in hospitality, travel, trade which caused growth of 9.7% over 9.2% in 2015, he added.Budget 2023 lowered GDP estimatesPresenting the Union Budget for fiscal year 2023-24 previously this month, finance minister Nirmala Sitharaman decreased Indias growth estimates for the current fiscal year to 7% from 8-8.5% forecasted earlier.For FY24, the federal government projected Indias economic growth to be 6-6.8%, slightly lower than that of current year.However, the Economic Survey tabled in Parliament just a day prior to the budget plan presentation approximated GDP to grow by 6-6.8%.

This years budget plan laid more focus on steps boosting financial growth of the nation, specifically amid extensive worries of economic downturn.

Many significant economies have actually already begun to feel the heat of a global downturn as their corporates turn to task cuts.Indias spending plan embraced seven concerns or Saptarishi - inclusive, green growth, reaching the last mile, infra - & financial investment, releasing the potential, Youth power and monetary sector - to handle current financial challenges.RBIs GDP projectionsAnnouncing its financial policy outcome previously this month, the Reserve Bank of India (RBI), projected Indias financial development at 6.4% for 2023-24, broadly in line with the estimate of the Economic Survey.Amid unstable global advancements, the Indian economy stays resilient, stated RBI governor Shaktikanta Das while revealing the last bi-monthly monetary policy of the present fiscal.

Available information for Q3 and Q4:2022 -23 show that economic activity in India remains resistant.

Urban consumption need has actually been firming up, driven by a sustained recovery in discretionary spending, especially on services, such as travel, tourism and hospitality.

Rural demand continues to show signs of enhancement as tractor sales and two-wheeler sales broadened in December, he had said.The RBI has actually raised its benchmark repo rate by 250 basis points since May in 2015 to contain inflation, and economic experts anticipate a more rate hike of 25 basis indicate 6.75% in April prior to pausing till year end.At least two members of Indias six-member financial policy committee have actually called for a time out in rate hikes, mentioning rising international and regional dangers to growth.The reserve bank, however, remains focused on above-target inflation as high-frequency signs recommends that more powerful rural demand might help balance out weaker metropolitan intake.India an intense areaAmid the international gloom, India will still keep the tag of the fastest growing thanks to robust domestic demand while China is expected to deal with a downturn due to the effect of the lockdown to avoid the spread of Covid-19.

The Indian economy has actually been scripting a healing after the bruising effect of the Covid-19 pandemic however the international slowdown, the geopolitical scenario, persistent cost pressures and the effect of increasing interest rates have actually presented dangers to faster expansion.Many financial experts, brokerage firms and agencies like the International Monetary Fund (IMF) and World Bank have in their most current reports stated that Indian economy will be fastest growing amongst significant economies in financial year 2022-23.

Although existing worldwide difficulties like tightening financial policy cycle, slowing development and elevated product rates might lead to a lower development than previous fiscal year, still Indias growth will be robust due to strong domestic demand.At present, global economy is navigating through exceptionally rough waters attributed mainly to worldwide uncertainties, unfolding of conflict in Ukraine, the response of financial and product markets to the changing situations, tight monetary policy and more.However, in spite of these hurdles, the World Bank in its newest India advancement upgrade stated that India revealed greater resilience to global shocks and much better than expected quarterly development numbers.(With inputs from companies)WatchIndias Q3 GDP slows to 4.4%, economy to grow at 7% in FY23