India’s GDP Growth Slows To 5.4% In Q3

India’s economic growth slowed to 5.4% in the third quarter of the current financial year from 8.5% in the previous quarter, according to official data released on Monday. This is the slowest expansion in India’s Gross Domestic Product (GDP) this year. The GDP had expanded by 20.3% in April-June quarter and 8.5% in July-September period of the current financial year. India’s Gross Domestic Product (GDP) at Constant (2011-12) Prices in Q3 of 2021-22 is estimated at Rs 38.22 lakh crore, as against Rs 36.26 lakh crore in Q3 of 2020-21, showing a growth of 5.4%, according to data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.

Nominal GDP or GDP at Current Prices in the year 2021-22 is estimated to attain a level of Rs 236.44 lakh crore, as against Rs 198.01 lakh crore in 2020-21, showing a growth rate of 19.4 per cent. Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2021-22 is estimated to attain a level of Rs 147.72 lakh crore, as against the First Revised Estimate of GDP for the year 2020-21 of Rs 135.58 lakh crore, released on 31.01.2022. The growth in GDP during 2021-22 is estimated at 8.9% as compared to a contraction of 6.6% in 2020-21.

The Advance Estimates of National Income are compiled using the benchmark-indicator method i.e. the estimates available for the previous year referred to as the benchmark year (2020-21 in this case) are extrapolated using the relevant indicators reflecting the performance of sectors. The First Advance Estimates (FAE) for 2021-22, based on very limited data and by using Provisional Estimates of 2020-21 (released on 31.05.2021) for the benchmark year, were earlier released on 07.01.2022, the NSO said.