GDP growth halved to 6.3% in Sep quarter of current fiscal

New Delhi: India's GDP growth halved to 6.3 per cent in September quarter of current fiscal from 13.5 per cent growth recorded in June quarter, according to data released by the Ministry of Statistics and Programme Implementation.

The drastic fall in GDP growth in July-September period was mainly due to moderating of a favourable base effect.

The GDP had expanded by 8.4 per cent in September quarter of 2021-22, according to data released by the National Statistical Office (NSO).

The Reserve Bank of India bulletin had projected that GDP growth would be estimated at 6.1 to 6.3 per cent in the September quarter of the current fiscal.

Meanwhile, Chief Economic Advsior V Anantha Nageswaran said on Wednesday that the Indian economy is on track to achieve a 6.8-7 per cent GDP growth in the current fiscal,.

He said the economic recovery momentum is continuing and the GDP is averaging the 2019-20 level.

"In 2022-23, the economy is on track to reach a 6.8-7 per cent growth in the current fiscal," he said, adding festival sales, PMI, bank credit growth and auto sales data shows that the economy has maintained momentum despite global headwinds.

The IMF has projected Indian economy to grow at 6.8 per cent this fiscal, while the RBI has pegged it at 7 per cent.

(With PTI inputs)