India's Q3 GDP Data: Since the world economy is as it is witnessing an economic slowdown, India’s GDP data for the October-December quarter becomes even more crucial
The government will release India’s GDP (gross domestic product) numbers for the third quarter of October-December of FY23 today. The Q3 GDP data, which will be considered extremely crucial to gauge the country’s growth, will be released by the National Statistical Office (NSO) on February 28, 2023.
As important as India’s Q3 GDP numbers are, experts, while divided on the projected figure, are largely in agreement predicting a moderation in growth momentum. Since the world economy is as it is witnessing an economic slowdown, India’s GDP data for the October-December quarter becomes even more crucial.
From the information that is available in public domain, a Reuters poll of economists reportedly predicted that India’s economic growth most likely slowed in Q3. It added that the growth rate is also set to lose more momentum as a series of interest rate hikes weigh accordingly on business activity.
For those not familiar with the finer nuances of rate hike, the Reserve Bank of India (RBI) hiked the repo rate once again, for the sixth straight time in February’s Monetary Policy Committee (MPC) meeting. With inflation still high and out of RBI’s tolerance band, the rate hikes were anticipated, though, some experts thought that gradually, the pace would reduce.
Talking about experts, even the economists at the State Bank of India (SBI) projected a relative slowdown in growth. As per reports, they have projected India’s Q3 GDP growth at 4.6 per cent also adding that as many as 30 high frequency indicators are not as robust as they were in some previous quarters.
Along with Q3 GDP numbers, as per reports, the government may also release the second advance estimates of national income for the year 2022-23 today. However, it must be noted that more on the actual figures would only be known once they are released.