India’s GDP in Q4 rises to 6.1%, FY23 growth pegged at 7.2%, ETCFO

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<p> India’s GDP in Q4 rises to 6.1%, FY23 growth pegged at 7.2%</p>
India’s GDP in Q4 rises to 6.1%, FY23 growth pegged at 7.2%

India’s Gross Domestic Product (GDP) grew at 6.1 per cent in the last quarter of the previous fiscal with the government now estimating the overall growth rate of FY23 to be at 7.2 per cent, Ministry of Statistics & Programme Implementation (MOSPI) data showed on Wednesday.

The Indian economy grew 9.1 per cent in FY22. This was due to the low base effect of the Covid-affected FY21.

The numbers show that the GDP growth in the fourth quarter of FY23 is better than what the Reserve Bank of India (RBI) had expected. The RBI had projected growth in Q4FY23 at 5.1 per cent.

It is to be noted that in Q4FY22, GDP growth was at 4.1 per cent.

In FY23, the economy grew at 13.1 per cent, 6.2 per cent and 4.5 per cent in Q1, Q2 and Q3 respectively, on an annual basis.

The real GDP (2011-12) in the year 2022-23 is estimated to attain a level of Rs 160.06 trillion, as against the First Revised Estimates of GDP for the year 2021-22 of Rs 149.26 trillion. 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, MoSPI said in a release.

The MoSPI also stated that India’s nominal GDP or GDP at current prices in FY2022-23 grew at a rate of 16.1 per cent. For the March quarter, India’s GDP at current prices registered a growth of 10.4 per cent.

Nominal GDP in the year 2022-23 is estimated to attain a level of Rs 272.41 trillion, as against Rs 234.71 trillion in 2021-22, the government release said.

In Q4FY23, manufacturing grew at 4.5 per cent, construction at 10.4 per cent, agricultural at 5.5 per cent, and services sector grew at 6.9 per cent.

Mining sector recorded a growth of 4.3 percent in Q4 FY23 while Trade & Hotels grew at 9.1 per cent and Financial sector grew at 7.1 per cent in Q4.

  • Published On May 31, 2023 at 06:29 PM IST

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