India’s economy grew by 4.4% in the October-December period, according to the latest figures released by the National Statistical Office of India (NSO). This marks the third quarter of India’s fiscal year 2022-2023.
The 4.4% growth was lower than analysts’ expectations of 4.6%, and also lower than the growth rates seen in the first and second quarters of fiscal 2022-2023, which were 13.5% and 6.5%, respectively.
The slowdown in India’s economy was caused by the Reserve Bank of India’s aggressive measures to stem inflation, which has affected consumer spending. The central bank has raised interest rates several times in the past year in an effort to bring down inflation.
The NSO data showed that India’s manufacturing sector, which accounts for nearly a quarter of the country’s GDP, grew by 3.1% in the quarter, while the agriculture sector grew by 3.9%. The services sector, which is the biggest contributor to India’s economy, expanded by 5.5%.