India’s economy is growing slower than one thought. The second estimate of the current year’s GDP puts growth at 8.9 percent versus 9.2 percent which was estimated on January 7. But this is entirely because of base effect changes.
However the Q3FY22 GDP has grown at only 5.4 percent versus expectation of 5.7-6.1 percent.
Both in the full year estimates and in Q2 estimates private final consumption has done better than previous estimates. But other segments such as agriculture, manufacturing, services have all fared worse in Q3 compared to Q2 probably due to the Omicron wave that hit India’s manufacturing activity.
To decode the fineprint of Q3 GDP and discuss the road ahead, CNBC-TV18 spoke to Soumya Kanti Ghosh, Group CEA at SBI; Sudipto Mundle, Distinguished Fellow at NCAER; Pronab Sen, Former Chief Statistician and Abhishek Upadhyay, Senior Economist at ICICI Securities Primary Dealership.
Watch video for more.