India recorded a gross domestic product (GDP) growth rate of 5.4 per cent for the third quarter of the ongoing financial year 2021-2022. The data for the quarter that ended in December has been complied by the National Statistical Office (NSO).
However, the GDP growth in December was lower than figures recorded for the previous quarter, according to the data.
INDIAN ECONOMY GROWING FASTER THAN CHINA
The GDP growth in December was lower than the data recorded for the previous quarter. In the second quarter of fiscal 2021-22 that ended in September, the economy grew at 8.4 per cent.
The economy had grown by 20.3 per cent in the first quarter of this fiscal due to lower base effect. In the second quarter, the GDP grew by 8.5 per cent.
However, China’s economy grew by 4 per cent between October to December 2021, according to a PTI report.
GDP EXPANDS
The GDP had expanded by 0.7 per cent in the corresponding period of 2020-21, according to the data released by the National Statistical Office (NSO).
In its second advance estimates of national accounts, the NSO has projected 8.9 per cent growth in 2021-22.
In its first advance estimates released in January, it had projected 9.2 per cent growth for 2021-22 as against a contraction of 6.6 per cent in 2020-21.
CORE SECTORS GROW
Production of eight infrastructure sectors expanded by 3.7 per cent in January against 1.3 per cent in the same month last year on better show by coal, natural gas and cement industries, according to official data released on Monday.
Crude oil and fertiliser production recorded negative growth in January. The core sector industries had grown by 4.1 per cent in December 2021.
The growth rate of the eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — stood at 11.6 per cent during April-January this fiscal, as against a negative growth of 8.6 per cent during the same period last fiscal.
According to the data, production of coal rose by 8.2 per cent, natural gas by 11.7 per cent, refinery products by 3.7 per cent, and cement by 13.6 in January.
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