India’s economy grew at 4.4 per cent per cent for the October-December quarter of the current financial year, according to official figures released on Tuesday.

The growth rate is in sync with the Reserve Bank of India’s projection of a 7 per cent GDP growth rate for the full year.

The economic growth for 2021-22 has been revised upward to 9.1 per cent from the earlier 8.7 per cent.

In the second quarter of the current financial year, India clocked a GDP growth rate of 6.3 per cent and in the April to June quarter, the economy grew 13.5 per cent.

RBI governor Shaktikanta Das pegged India’s fourth quarter growth at 4.2 per cent while for the full financial year it is 6.8 per cent.

The Asian Development Bank has projected India’s growth rate at 7 per cent for 2022-23 while the International Monetary Fund (IMF) has pegged it at 6.8 per cent.

Data shows that the manufacturing sector declined 1.1 per cent which is attributed to a slowing in exports due to the slump in global markets. Besides, there has been some decline in domestic consumption as interest rates on loans have been raised to control inflation.

The farm sector expanded at 3.7 per cent as the government’s fertiliser policy made adequate nutrients available to farmers and the government procurement of foodgrains at remunerative prices has enhanced earnings.

The slowing in the year-on-year GDP growth rate in the fourth quarter is also due to a “base effect” as the higher growth figures in 2021-22 were in comparison to the sudden slump in the economy due to the Covid-19 pandemic in 2020-21.

Also read: IMF says India still a bright spot as global growth seen slowing to 2.9% in 2023