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Jyoti Prakash Gadia, MD, Resurgent India.
“In addition, there is an impact of the base effect due to a comparatively improved position in Q3 of the previous year after the COVID-19 tapering,” added Gadia.
“The manufacturing sector is expected to perform below par in Q3 due to a lack of adequate demand and incipient recessionary trends in developed countries,” he added.
On the other hand, Gadia said that the agriculture sector may however show improved numbers with kharif output outpacing the previous trend and may show an above-average rate of around 4%.
“The services sector growth is also likely to be muted compared to previous quarters on account of uncertainties and due to a pause in fresh investments Overall the lower GDP Q3 numbers are on the expected line, considering the base effect and general trend of downward moderation in the full-year growth rate of GDP in the complete financial year 2022-23,” concluded Gadia.