India’s GDP (GDP) grew at the rate of 5.4 per cent in the third quarter of the current financial year (GDP Data for Q3). The Government of India on Monday released the official figures of GDP i.e. Gross Domestic Product (GDP), in which this information was given. The government said that the Indian economy grew at a rate of 5.4 per cent in the October-December quarter. However, the growth rate of GDP in this quarter has been slow as compared to the last two quarters.
In the first quarter of the current financial year, the GDP growth rate was 20.3 percent due to the low-base effect. In the second quarter, the GDP growth rate was 8.5 percent. In such a situation, it can be said that the GDP growth rate in the third quarter has been slower than the other two quarters.
According to the second advance estimate of the National Statistical Office (NSO), India’s GDP growth rate is estimated to be 8.9 percent in the financial year 2021-22. Earlier, in the first advance estimate released in January, the GDP growth rate was expected to be 9.2 percent. Let us tell you that in the last financial year 2020-21, there was a decline of 6.6 percent in GDP due to Corona epidemic.
The Reserve Bank of India (RBI), in the recent monetary policy, has projected India’s GDP growth rate to be 9.2% for the current financial year and 7.8 percent in the next financial year. RBI Governor Shaktikanta Das said that due to the third wave of Corona epidemic, there was some reduction in economic growth, due to which the GDP growth rate in the October-December quarter has also been affected.
Let us tell you that China’s GDP growth rate has been only 4 percent in the October-December, 2021 quarter. India is the third largest economy in Asia after China and Japan. At the same time, India is the sixth largest economy in the world at the global level.