In Q4FY23, India's GDP increased by 6.1%, with a 7.2% increase for the year.
India's Gross domestic product became 6.1 percent in the final quarter of FY23, as per official information delivered by the public authority. This is better than what most economists and the RBI had predicted.
Ankush Pandey
In the fourth quarter of FY23, India's GDP grew at 6.1%, which was higher than what analysts and the Reserve Bank of India (RBI) had anticipated.
Economists predicted that the economy would expand by more than 5% between January and March, while the Reserve Bank of India had predicted growth of 5.1% in Q4FY23. This demonstrates that the Indian economy performed essentially better in the last quarter of FY23, even as the worldwide economy confronted a log jam.
As a result, GDP growth for the entire FY23 was revised up to 7.2%, exceeding the central bank's estimate of 7%.
"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 opposed to the First Revised Estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore," the statistics ministry stated in its release. "The statistics ministry said in a release that the growth in real GDP is expected to be 7.2% in 2022-23, compared to 9.1% in 2021-22."
"Is estimated to attain a level of Rs 272.41 lakh crore, as opposed to Rs 234.71 lakh crore in 2021-22, showing a growth rate of 16.1 percent," the ministry added.
The data indicate that the mining sector experienced growth of 16.3%, while the agricultural sector experienced growth of 10.3%; the development area development remained at 10.4 percent.
According to Upasna Bhardwaj, chief economist at Kotak Mahindra Bank, the significant upside in GDP growth demonstrates the resilience of the Indian economy in the face of the global slowdown.
Bhardwaj continued, "However, we remain watchful on the sustainability of the strength, especially when a public investment has led much of the non-agricultural growth while consumption remains tepid."
The public authority additionally delivered information on the development of eight center areas. In April 2023, core sector growth was 3.5%, which was slightly lower than the 3.6% seen in the previous month.
According to government data, India's fiscal deficit for the fiscal year that ended on March 31 was Rs 17.3 lakh crore or nearly 99.99 percent of the revised annual estimate.
The public authority has met the designated monetary deficiency of 6.4 percent of the Gross domestic product, upheld by higher expense income even as spending expanded. The government's statement stated that this was accomplished despite rising spending.
