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Growth challenges

Manufacturing sector decline needs policy support

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Indian Economy | India GDP | Business Standard Editorial Comment

Business Standard Editorial Comment 



With the release of India’s economic growth numbers for the July-September quarter of 2022 on Wednesday, the Centre’s challenges in managing the economy have become a little more formidable. These numbers have also underlined the economic imperative of presenting an appropriate Budget next February and realistically assessing the growth prospects for 2023-24 in the light of the emerging economic headwinds. According to the National Statistical Office, India’s gross domestic product (GDP) in the second quarter of 2022-23 grew 6.3 per cent in real terms, declining sequentially from 13.5 per cent in the previous quarter. It was low even compared to the growth of 8.4 per cent in the July-September quarter of 2021. Quite apart from deceleration in growth, which reflects the relative slowdown and the higher base effect, the July-September GDP number makes the task of achieving the target of notching up a 7 per cent growth rate for the full year a bit difficult, although not out of reach. The first half of 2022-23 has recorded a growth rate of 9.7 per cent and the must grow at least 4.6 per cent in the second half, a task that would not be impossible but challenging, given the global headwinds on account of an economic slowdown in developed economies, elevated inflation, rising interest rates, and slowing exports.

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First Published: Wed, November 30 2022. 22:20 IST

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