India’s Economic Growth Data:
The Ministry of Statistics and Programme Implementation (MoSPI) released India’s economic growth data for the second quarter of the current financial year (2022-23 or FY23).
- The second quarter or Q2 refers to the months of July, August and September.
- India’s Gross Domestic Product (GDP) grew by 6.3 per cent in Q2 on a year-on-year basis.
- In other words, it was 6.3% more than the GDP in the same months in 2021.
- MoSPI also reported that India’s Gross Value Added (or GVA) in Q2 grew by. 5.6 per cent on a year-on-year basis.
- GDP and GVA are the two main ways to ascertain the country’s economic performance.
- Both are measures of national income.
- The GDP measures the monetary measure of all “final” goods and services— those that are bought by the final user— produced in a country in a given period.
- The GDP does this by adding up the total expenditures in the economy; in other words, it looks at who spent how much.