New Delhi: India’s gross domestic product (GDP) growth in the October-December quarter (Q3 FY23) slowed to 4.4%, down from 6.3% in the previous quarter, data released by the government on Tuesday showed. Growth has slowed for the second consecutive quarter.According to Reuters, a series of interest rate hikes by the Reserve Bank of India (RBI) hurt demand and weakness in the manufacturing sector continued.The manufacturing sector shrank by 1.1% year-on-year in the quarter – a second straight contraction, which showed a weakness in consumer demand and exports.The country’s GDP is estimated to grow by 7.0% in FY 22-23, compared to 9.1% in the previous fiscal, the government data showed.The sharp fall in the year-on-year growth rate is also because the low base effect introduced by the lockdowns at the onset of the COVID-19 pandemic is fading. The low base effect had contributed to higher growth figures in FY21-22.A press release by the Ministry of Statistics & Programme Implementation (MoSPI) stated that the real GDP in Q3 2022-23 is estimated at Rs 40.19 lakh crore, as against Rs 38.51 lakh crore in Q3 2021-22, showing a growth of 4.4%.“Real GDP or GDP at Constant (2011-12) Prices in the FY23 is estimated to attain a level of Rs 159.71 lakh crore, as against the first revised estimate of GDP for the year 2021-22 of Rs 149.26 lakh crore,” the release stated.The government said that India’s nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to grow by 15.9%.The RBI, during its last monetary policy meeting earlier this month, had lowered India’s forecast to 6.8% in FY23. It projected India’s GDP to grow by 4.4% in Q3 and 4.2% in Q4.