₹65.31 lakh crore, as against ₹56.20 lakh crore in Q2 FY22, showing a growth of 16.2% as compared to 19.0% in Q2 FY22. Shares closed at record highs for a fifth straight day today, extending their daily rally to seven days and logging a second straight month of gains, as investors cautiously awaited gross domestic product data. Many analysts believed that the Indian economy will expand at a single-digit rate mainly due to the waning base effect.
Rating agency ICRA expected the GDP to grow at 6.5%, while the State Bank of India in its report pegged the growth rate at 5.8%. The Reserve Bank of India (RBI) in its bulletin pegged the GDP growth at 6.1 to 6.3% in the second quarter of this fiscal year. The various GDP growth projections for the second quarter are either half or less than half of the 13.5% recorded in the April-June quarter this fiscal.
The country's gross domestic product or GDP is derived from the sum of the gross value added (GVA) at basic prices, plus all taxes on products, less all subsidies on products. The total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue. Meanwhile, the growth rate in the production of eight key sectors slowed down to 0.1% in October against 8.7% in the same month last year, as per the official data.
In September, the core sectors' output growth stood at 7.8%. The production growth of eight infrastructure sectors – coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity – was 8.2% during April-October this fiscal, compared to 15.6% a year ago. In October, crude oil, natural gas, refinery products, and cement output recorded negative growth rate.
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