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India's GDP grows 7.2% in FY23, expands 6.1% in Jan-March 2023

The growth propelled the Indian Economy to $3.3 trillion and set the stage for achieving $5 trillion target in the next few years. In the previous fiscal, the economy grew by 9.1%.

India's GDP grows 7.2% in FY23, expands 6.1% in Jan-March 2023

Wednesday May 31, 2023 , 3 min Read

India's economy grew by 6.1% in the January-March quarter of 2022-23, pushing the annual growth rate to 7.2% on account of better performance by agriculture, manufacturing, mining and construction sectors, official data showed on Wednesday.

The growth propelled the Indian economy to $3.3 trillion and set the stage for achieving $5 trillion target in the next few years.

In the previous 2021-22 fiscal, the economy grew by 9.1%.

China has registered an economic growth of 4.5% in the first three months of 2023.

The economic expansion was recorded at 6.1% during the March 2023 quarter, while it was 4.5% in October-December and 6.2% in July-September 2022.  

The growth was 13.1% in April-June 2022, as per the data released by the National Statistical Office (NSO).

The GDP had grown by 4% in the January-March quarter of 2021-22.

The NSO, in its second advance estimate released in February, had projected the GDP growth for 2022-23 at 7%.

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According to the NSO data, the real GDP prices in 2022-23 are estimated to attain a level of Rs 160.06 lakh crore against the first revised estimates of GDP of Rs 149.26 lakh crore for 2021-22. 

"The growth in real GDP during 2022-23 is estimated at 7.2% as compared to 9.1% in 2021-22," it stated.

Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to attain a level of Rs 272.41 lakh crore ($3.3 trillion), as against Rs 234.71 lakh crore ( $2.8 trillion) in 2021-22, showing a growth rate of 16.1%, it added.

The GDP at Constant (2011-12) Prices in Q4 2022-23 is estimated at Rs 43.62 lakh crore against Rs 41.12 lakh crore in Q4 2021-22, showing a growth of 6.1%. 

The GDP at Current Prices in Q4 2022-23 is estimated at Rs 71.82 lakh crore compared to Rs 65.05 lakh crore in Q4 2021-22, a growth of 10.4 per cent.

Gross value added (GVA) growth during the fiscal ending March 2023 was 7% against an 8.8% growth in the preceding year.

The GVA growth in the manufacturing sector accelerated to 4.5% in the March 2023 quarter against 0.6% a year ago.

GVA growth in mining was 4.3% in the fourth quarter compared to 2.3% in the same quarter of the previous fiscal. Construction grew 10.4% in the quarter, up from 4.9% in the corresponding period of 2021-22. 

The agriculture sector growth accelerated to 5.5% from 4.1%.

The electricity, gas, water supply and other utility services segment grew 6.9% during the fourth quarter from 6.7 per cent in the year-ago period.

GVA growth in the services sector—trade, hotel, transport, communication and services related to broadcasting—was 9.1% in the fourth quarter against a growth of five per cent a year ago.

Financial, real estate and professional services grew by 7.1% in the March 2023 quarter compared to 5.7% in the year-ago period.

Public administration, defence and other services posted 3.1% growth in the quarter against 5.2% expansion in the same quarter a year ago.

As per the data, the discrepancies factored while computing the national income was Rs 3,80,964 crore in 2022-23, lower than Rs 4,47,182 crore in the previous fiscal.


Edited by Kanishk Singh