By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Lovablevibes | South Africa | Nigeria | Africa | WORLD |Lovablevibes | South Africa | Nigeria | Africa | WORLD |
  • Home
  • World Music
    • Albums
  • NEWS
    • World News
    • South Africa News
    • World Entertainment
  • Biography
  • Jobs
  • Editorial / Reviews
  • Tech
  • Education
  • Video
Search

  • Advertise
© 2022 Lovablevibes Int'l . All Rights Reserved.
Reading: India GDP halves in September quarter as COVID distortions fade | Business and Economy News
Share
Notification Show More
Latest News
James Mangold in talks to direct Swamp Thing
World Entertainment
Who Is Performing At The 2023 Grammys?
World Entertainment
NLE Choppa Shares ‘Champions,’ His Triumphant New Single
World Entertainment
JID And Lute Share ‘Ma Boy’ From The ‘Creed III’ Soundtrack
World Entertainment
Can Pirates end Sundowns’ winning rampage?
South Africa News
Aa
Aa
Lovablevibes | South Africa | Nigeria | Africa | WORLD |Lovablevibes | South Africa | Nigeria | Africa | WORLD |
  • Home
  • World Music
  • NEWS
  • Biography
  • Jobs
  • Editorial / Reviews
  • Tech
  • Education
  • Video
Search
  • Home
  • World Music
    • Albums
  • NEWS
    • World News
    • South Africa News
    • World Entertainment
  • Biography
  • Jobs
  • Editorial / Reviews
  • Tech
  • Education
  • Video
  • HOME
  • COPYRIGHT & TERMS
  • ADVERTISE
  • CONTACT US
  • TERMS AND CONDITIONS
  • PRIVACY POLICY
© 2022 Lovablevibes Int'l. All Rights Reserved.
World News

India GDP halves in September quarter as COVID distortions fade | Business and Economy News

Lovabledaniels
By Lovabledaniels Published November 30, 2022 World News
Advertisements
Advertisements

Economists warned that growth momentum may ease in the December quarter due to higher interest rates, slowing exports.

India has posted annual economic growth of 6.3 percent in its July-September quarter, less than half the 13.5 percent growth in the previous three months as distortions caused by COVID-19 lockdowns faded in Asia’s third-largest economy.

Gross domestic product (GDP) growth for the full fiscal year, which ends on March 31, is likely to be 6.8-7 percent, the government’s chief economic adviser V Anantha Nageswaran said after the release.

That would be broadly in line with pre-COVID rates before pandemic lockdowns triggered wild fluctuations.

- Advertisement -

The rate for the September quarter, the second of India’s 2022/23 financial year, was just above the 6.2 percent forecast by economists in a Reuters poll.

Economists warned, however, that growth momentum may ease in the December quarter due to higher interest rates and slowing exports.

“Even as domestic growth drivers on the services side continue to remain robust, weakening global demand amid tightening financial conditions remains the key risk for growth outlook for India,” said Garima Kapoor, economist at Elara Capital.

The Reserve Bank of India has raised rates by 1.9 percent since May this year and is seen raising the rate again when its monetary policy committee meets in early December.

Slowing global growth has also started to hurt exports, which fell 17 percent over a year ago in October.

- Advertisement -

The Indian central bank has forecast GDP growth for the 12 months to March 31, 2023, at 7 percent but economists have seen a risk of a downside to these predictions.

Finance minister Nirmala Sitharaman, speaking at the Reuters NEXT conference in advance of the release, said she was looking forward to “a very good … growing Indian economy this year and the next,” driven in part by capital expenditure.

Government capital spending increased more than 40 percent during the September quarter as the federal government stepped up expenditure on infrastructure from roads to railways.

- Advertisement -

Aided by pent-up demand, particularly for services, private consumption grew 9.7 percent compared with a year ago, while capital formation, an indicator of investment, increased 10 percent annually.

“Services on the supply side and investments on the demand side would continue to be the main drivers of growth,” said Sujan Hazra, chief economist at Anand Rathi.

Among key sectors, agricultural output rose 4.6 percent while manufacturing fell 4.3 percent and the employment-generating construction sector saw a 6.6 percent annual increase in activity.

“In the case of manufacturing, it has been clearly affected by low growth for the small business sector and fall in profits that has affected value added for the organised sector,” said Madan Sabnavis, chief economist at Bank of Baroda.

TAGGED: business, Covid, distortions, economy, fade, GDP, halves, India, news, quarter, September
Lovabledaniels November 30, 2022
Share this Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Tumblr Reddit VKontakte Telegram Email
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







World News

Democracy ‘on trial’ as Hong Kong 47 prepare to face court | Politics News

February 2, 2023
World News

Apple, Google profits squeezed on China, sluggish economies | Business and Economy News

February 2, 2023
World News

Nearly 1,000 migrant families still separated by Trump-era policy | Migration News

February 2, 2023
World News

Why Myanmar’s opposition is calling for a ban on jet fuel | News

February 2, 2023

© 2022 Lovablevibes Int'lc. All Rights Reserved.

  • HOME
  • COPYRIGHT & TERMS
  • ADVERTISE
  • CONTACT US
  • TERMS AND CONDITIONS
  • PRIVACY POLICY

Removed from reading list

Undo
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?