Agriculture, hospitality steady economy; GDP grows by 6.3 pc in Q2

Spread the love

By S Jha

New Delhi, November 30: Economy grew at an expected growth rate of 6.3 per cent amid strong buoyancy in agriculture and the hospitality sector, while the public spending remained robust in the July-September quarter. India appears to have come out unscathed during the quarter which has wreaked havoc in Europe, while China has slumped into a grave economic crisis, which has added fire to the popular unrest against the Xi Jinping regime in the Communist country.

While the market was expecting the economy to grow at 6.4 per cent, the Q2 growth rate of 6.3 per cent has brought cheers among the market participants. The Chief Economic Advisor V Anantha Nageswaran expressed satisfaction at the Q2 GDP growth, saying that it has met the expectations. He added that the government capex at 49 per cent in the first seven months of the current financial year has been strong.

It has been stated in various quarters that some of the infrastructure ministries have stepped up their expenditure. The Railways, Road and Surface Transport, Shipping, Rural Development have been on an overdrive to boost their execution of the ongoing projects. Some of the key road projects of the strategic importance in the border areas such as Jammu and Kashmir, Ladakh, Arunchal Pradesh and Uttarakhand, incidentally, gained urgency following the tension with China on Line of Actual Control (LAC).

“Real GDP or GDP at Constant (2011-12) Prices in Q2 2022-23 is estimated at ₹38.17 lakh crore, as against ₹35.89 lakh crore in Q2 2021-22, showing a growth of 6.3 per cent as compared to 8.4 per cent in Q2 2021-22. Nominal GDP or GDP at Current Prices in Q2 2022-23 is estimated at ₹65.31 lakh crore, as against ₹56.20 lakh crore in Q2 2021-22, showing a growth of 16.2 per cent as compared to 19.0 per cent in Q2 2021-22,” the Ministry of Planning and Statistics said in an official statement.

Trades, hotels, transport and communication together grew at 14.7 per cent in the Q2 of the current fiscal, which was followed by real estate and professional services growing at 7.2 per cent. Agriculture, forestry and finishing grew at a rate of 4.6 per cent.

“GDP at Constant (2011-12) Prices in April-September 2022-23 (H1 2022-23) is estimated at ₹75.02 lakh crore as against ₹68.36 lakh crores during the corresponding period of previous year, showing a growth of 9.7 per cent in H1 2022-23 as against 13.7 per cent during the same period last year. GDP at Current Prices in H1 2022-23 is estimated at ₹130.26 lakh crore as against ₹107.47 lakh crores during the corresponding period of previous year, showing a growth of 21.2 per cent in H1 2022-23 as against 25.0 per cent during the same period last year,” added the Ministry.