‘Q2 GDP growth estimated at between 6.1 & 6.3%’
   Date :19-Nov-2022

GDP growth 
 
 
Business Bureau
INDIA’S economic growth is likely to be in the range of 6.1 to 6.3 per cent in the second quarter, helping the country achieve 7 per cent growth rate in the current fiscal, said an article published in the Reserve Bank’s bulletin released on Friday. The National Statistical Office (NSO) will be releasing the growth estimates of Gross Domestic Product (GDP) for the July-September quarter on November 30.
The article titled ‘State of the Economy’, written by a team led by RBI Deputy Governor Michael Debabrata Patra, also said recent global developments have thrown up both risks and opportunities.
The macroeconomic outlook can best be characterised as resilient but sensitive to formidable global headwinds, it noted. Based on high frequency indicators, the authors said their 'nowcasting' and full information models peg real GDP growth in second quarter of 2022-23 between 6.1 and 6.3 per cent. “If this is realised, India is on course for a growth rate of about 7 per cent in 2022-23. In Q3, supply responses in the economy are gaining strength,” it added.
The central bank, however, said the opinions expressed in the article are those of the authors and do not represent the views of the Reserve Bank of India. In its monetary policy announcement on September 30, the RBI had said real GDP growth for 2022-23 is projected at 7 per cent, with July-September at 6.3 per cent; October-December at 4.6
per cent; and January-March at 4.6 per cent, and risks broadly balanced.
For the first quarter of 2023-24, the RBI has projected the economic growth at 7.2 per cent. As per official GDP estimates, the economy expanded by 13.5 per cent in April- June 2022-23, higher than 4.10 per cent growth clocked in January-March.