Revised GDP growth numbers 4.4% in Q3, 4.2% in Q4 smacks of slowdown of Indian economy

New Delhi, Dec 21 (KNN) Referring to the projection by the Reserve Bank of India (RBI), the government has said that the Indian economy is expected to grow at 4.4 per cent in Q3 and 4.2 per cent in Q4 of 2022-23.

It has taken into consideration the impact of ongoing geopolitical tensions, tightening global financial conditions, and slowing external demand on economic growth.

“The government doesn’t come out with its own projection of quarterly GDP,” informed the Minister of State for Finance, Pankaj Chaudhary in the Rajya Sabha.

However, the RBI, in its Monetary Policy Committee (MPC) meeting, come out with projections of quarterly as well as yearly estimates of economic growth.

In July-September quarter of the current financial year, India's real GDP had grown 6.3 per cent in constant prices.

On December 7, the central bank in its bi-monthly MPC meeting had revised down the current financial year GDP growth forecast to below 7 per cent.

The MPC said the reasons behind lowering the GDP forecasts were headwinds emanating from protracted geopolitical tensions, global slowdown and tightening of global financial conditions.

In its monthly bulletin released on Tuesday, the central bank said the near-term growth outlook for the Indian economy is supported by domestic drivers as reflected in trends in high-frequency indicators.  (KNN Bureau)