India Vs China GDP: India’s economic growth rate (GDP) has been lower than expected in the third quarter (Q3 FY23) of the current financial year. According to the official data released on Tuesday, India’s GDP has been 4.4 percent. While the possibility was raised that it would go up to 7 per cent at the end of the third quarter.
The GDP growth rate in the previous quarter ending September 2022 was 6.3 per cent. Despite this, India’s growth rate is ahead of China, the neighboring country and the world’s second largest economy.
There is a big difference between the growth of China and India.
Explain that India reports official figures only for financial years. The data shows that there will be an average growth of 7 percent in 2022, which is much higher than the 3 percent reported by China.
Furthermore, India’s GDP growth for the October-December period also matched the Reserve Bank of India’s 4.4 percent year-on-year estimate.
India’s growth rate has been slipping ever since the country revised its first quarter (Q1 FY23) GDP growth from 13.5 per cent to 13.2 per cent from April to June. The July to September (Q2 FY23) figure came in at 6.3 per cent and India’s GDP grew by 4.4 per cent during the October-December quarter as per the latest data.
Better performance of Indian economy
However, India remains one of the better performing economies of the world. The Modi government has maintained its full fiscal year projection at 7 per cent after upgrading it to 9.1 per cent for the previous 2021-2022 financial year.
Experts said – That’s why China’s economy is falling
Experts believe that the rapid decline in China’s growth rate is due to the strict lockdown imposed for the prevention of Kovid. China is also heavily dependent on exports. Due to this they are facing more problems.
According to the data, China’s growth of 3 percent in 2022 was less than half of last year’s rate of 8.1 percent. It was the second lowest annual rate for 2020 since at least 1970. The growth rate had slipped to 2.4 per cent at the start of the coronavirus pandemic.
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