Economic growth reduces to 5.4% from the expected 8.9%: NSO

03 Mar 2022 CW Team

According to the National Statistical Office (NSO), the Indian economy grew at 5.4% in the third quarter (Q3) of FY22.

The statistics office reduced the overall expected growth for FY22 to 8.9% from 9.2%.

According to the experts, the third wave of the pandemic on contact-intensive services sectors in the fourth quarter (Q4) and the spike in commodity prices due to the Russia-Ukraine war may have reduced the Gross Domestic Product (GDP) growth in FY22.

The statistics office data show services sector grew at a robust 8.2%, while the manufacturing sector remained almost static, hit by the shortage of semiconductors. The labour-intensive construction sector contracted 2.8%.

Chief economic adviser at Brickwork Ratings, Govinda Rao, said to achieve 8.9% growth, Q4 GDP had to grow 4.8%.

Retail oil price revisions might resume early March after the Assembly elections are over.

The Reserve Bank of India (RBI) had estimated a 10% price hike of the Indian crude basket could increase the consumer price index by 20 basis points.

The private consumption remained robust in Q3, showing an investment revival in the second quarter (Q2) petered out while weak government expenditure declined growth. However, government expenditure may significantly pick up in the March quarter.

The Controller General of Accounts data showed revenue spending increased by 30%, even as capital spending was 6% lower than in January last year. The second advance estimates the share of private consumption expenditure in FY22 to be 1.2% bigger than in FY20. As a result, the size of all demand-side drivers of GDP in FY22 is comparatively bigger than FY20.

According to data, eight infrastructure sectors witnessed growth, at the rate of 3.7% in January against 4.1% in December.

Image Source

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..