India FY23 Q2 GDP Grows 6.3%; GVA Expands 5.6%

The Indian economy grew at a slower pace in the July-September quarter as the base normalised.

GDP grew 6.3% year-on-year in the second quarter of FY23, compared with 13.5% for Q1, according to data released by the Ministry of Statistics and Programme Implementation on Wednesday.

Gross value added, which strips out the impact of subsidies and indirect taxes, grew 5.6% year-on-year in Q2, compared with 12.7% for Q1.

A Bloomberg poll of 46 economists had estimated second-quarter GDP growth at 6.2%. Gross value added was estimated at grow 5.9%.

Nominal GDP, at current prices in Q2 FY22, is estimated at Rs 65.31 lakh crore, as against Rs 64.95 lakh crore in the previous quarter.