India's GDP growth of 4.4 Percent in Q3FY2023
India's GDP growth of 4.4 Percent in Q3FY2023
India's Gross Domestic Product(GDP) growth in the third quarter of the current fiscal year were stood at 4.4 Percent. There was a 6.3 Percent in the previous September quarter - Q2FY23. The overall economic growth for the country in the current financial year is estimated to be 7 Percent.
The Investment for India has grown by 8.3 Percent in the last December quarter. Previously it was around 9.7 Percent in the second quarter of the current fiscal year. The Private spending were at 61.6 Percent of the Total GDP in Q4FY23. However the Govt spending was slowed down.
Due to the rising inflation and impact in the borrowing costs, the private spending were fallen down to 2.1 Percent from the earlier 8.8 Percent in Q3FY23. It is noteworthy that the Govt Spending was reasonably high during the Covid-19 Lock down times to stimulus the Economy of the Country.
India's Exports and Imports were down from the last September quarter to the December Q4. For the December quarter, the Exports were stood at 11.3 Percent and Imports at 10.9 Percent. The Manufacturing sector were contracted for the second time - Q2 & Q3 respectively.
While the Financial and Housing Sector showed the modest growth but not up to the expected level in the Market. A similar slowdown has also occurred in the Transport and Telecommunication sectors. Agriculture and Construction segments have seen significant growth as compared to the previous quarter of the current financial year.
Consumer Spending in India has been increased to Rs. 24.77 Lakh Crore in the December 2022. The country's Fiscal deficit were stood at 11.91 Lakh rupees at the end of January 2023. This is said to be 68 Percent of the Budget Estimated value. India's Fiscal deficit target for the current financial year is said to be Rs. 17.55 Lakh Crore.
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