India posted an annual economic growth of 6.3% in its July-September quarter, far slower than the 13.5% growth reported in the previous three months as distortions caused by COVID-19 lockdowns faded in Asia's third-largest economy.
The growth rate was above the 6.2% forecast by economists for the quarter, the second of India's 2022/23 financial year, in a Reuters poll.
Garima Kapoor, Economist, Institutional Equities, Elara Capital, Mumbai
"Even as domestic growth drivers on services side continue to remain robust, weakening global demand amid tightening financial conditions remains the key risk for growth outlook for India in the near term. We see India's FY23 GDP growth at 7.1% and FY24 GDP growth at 6%."
Devendra Pant, Chief Economist, India Ratings, Mumbai
"GDP growth slowdown in 2QFY23 was on expected lines. Favourable base effect is slowly waning, higher inflation and weak demand - both internal and external - are having an impact on GDP growth."
"GDP growth in the second half is expected to slow down further. Unless inflation is under control and global demand recovers, it is difficult to sustain high growth momentum."