Govt estimates 7% GDP growth in FY23 while Q3 bearish at 4.4%

New Delhi, Mar 1 (KNN) The Indian economy is predicted to grow by 7 per cent in financial year 2022-23, but GDP growth slowed to 4.4 per cent in the third quarter (October-December 2022) of this financial year, said the government on Tuesday.

Centre released its second advance estimates of national income on Tuesday and is same as it was predicted in the first advance estimates released in early January.

However the slowdown reported in the third quarter (October-December 2022) of this financial year is the slowest it has been since the January-March 2022 quarter.

The slowing growth in Q3 not only marks the second consecutive quarter of slowing growth (Q2 growth at 6.3 per cent was lower than Q1 growth of 13.5 per cent), but also comes on the back of a low base of 5.4 per cent growth in Q3 of last year.

Typically, a low base leads to higher growth levels, but this has not been the case in this quarter.  (KNN Bureau)