India's GDP growth slows to 4.4% in Q3; manufacturing woes remain

Manufacturing output shrinks for second straight quarter

India’s economy grew at a weaker than expected 4.4 per cent in the December quarter of FY23 amid wide revisions to earlier gross domestic product (GDP) figures, as manufacturing output contracted for the second consecutive quarter and consumer demand slowed.

A survey of 41 professional forecasters by the Reserve Bank of India (RBI) earlier this month pegged median GDP growth at 4.6 per cent for Q3. However, the RBI projected December-quarter GDP growth at 4.4 per cent.

According to the second advance estimates data, released by the National Statistical Office (NSO) on Tuesday, nominal GDP for FY23 is estimated at Rs 272