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GDP growth rate seen below 5% in December quarter on a normalising base

FY23 quarterly, annual estimates may be revised on Tuesday

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3 min read Last Updated : Feb 26 2023 | 11:15 PM IST

India’s economic growth may show lower than 5 per cent print in the December quarter of fiscal year 2022-23 (FY23) on a normalising base even though many high frequency indicators signal a sequential improvement in performance.

During the third quarter of FY22, the economy grew at 5.4 per cent. In the preceding September quarter of FY23, gross domestic product (GDP) recorded 6.3 per cent growth.

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 within a wide range of 4 per cent and 6.9 per cent. However, the RBI itself has projected December quarter GDP growth at 4.4 per cent. What could upend forecasts, though, is that the National Statistical Office will revise GDP data of the past years on Tuesday along with the second Advance Estimates for FY23. As the base year numbers of FY22 change, quarterly as well as annual growth esti