New Delhi : India’s economic growth rate has registered a growth of 6.3 percent in the second quarter of July-September of the current financial year, as expected by the Reserve Bank. The growth has been disappointing in comparison to April-June quarter as well as in the second quarter of 2021-22 last year.
In the first quarter of April-June of the current financial year, the rate of economic growth would have been recorded at 13.5 percent. The rate for the quarter ending September of the last financial year would have been 8.4 percent. According to the data published by the government, the growth in the core industry sector has decreased by 0.1 percent. Last year, the growth in the core industry sector would have been 8.7 percent in the same month. According to the report published by the Reserve Bank of India, the second quarter economic growth rate would be between 6.1 to 6.3 percent, such an estimate would have been circular. The State Bank of India had kept the rate of economic growth at 5.8 per cent, had it been so divided.
In the second quarter of the current financial year 2022-23, the production area has decreased by 4.3 percent. Last year, the increase in the same quarter would have been 5.6 percent. Compared to the growth of 3.2 percent in the second quarter of 2021-22 only, the agriculture sector has registered a growth of 4.6 percent. The growth rate in the construction sector is 6.6 percent. Last year, the same quarter would have been 8.1 percent.
Meanwhile, India’s fiscal deficit during April-October or the first half of 2022-23 has reached 7 lakh 58 thousand crores, which is 45.6 percent of the annual estimate. For the financial year 2022-23, the central government has set a target of 6.4 percent of fiscal deficit, which is Rs 16 lakh 61 thousand crore. Last year, the financial deficit in the first half of the year would have been 36.3 percent of the total target.
Ritika
