India’s gross domestic product (GDP) grew 7.2 per cent during the fiscal year 2022-2023 (FY23), surpassing the estimate of 7 per cent projected by the Reserve Bank of India (RBI).
The latest data released by the National Statistical Office reveals that India's GDP growth gained momentum in the January-March quarter, with an impressive expansion of 6.1 per cent.
This marked a significant improvement compared to the previous quarter's growth rate of 4.4 per cent. Notably, the growth rate during this period has also outperformed earlier estimates, as the RBI had initially projected a growth rate of 5.1 per cent.
In fiscal FY23, the economy grew at 13.1 percent, 6.2 percent in Q1, Q2 respectively, on an annual basis.
"Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated to attain a level of Rs 160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22," the statistics ministry said.
The agricultural sector in India experienced a growth rate of 5.5 percent during the fiscal year. The mining sector witnessed substantial expansion, recording a remarkable growth of 16.3 percent. The construction sector also performed well, registering a growth rate of 10.4 percent.
Last week, RBI Governor Shaktikanta Das suggested that the economic growth number for FY23 may hold a ‘positive surprise’.
Earlier, the RBI said that the GDP growth rate could be 7 per cent. “All the high-frequency indicators maintained their momentum in the fourth quarter. Therefore, we should not be surprised if the growth is slightly more than 7 per cent for FY23,” he had said.
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