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 Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..