The National Statistical Office (NSO) released data on Wednesday showing that India’s economy expanded by 6.1 percent in the January-March quarter of 2023. This represents a significant improvement compared to the 4.4 percent GDP growth recorded in the October-December quarter of 2022.
In the fourth quarter of the previous fiscal year 2021-22, India’s GDP growth was 4.1 percent. However, government data indicates that the real GDP growth for the entire fiscal year 2022-23 is estimated at 7.2 percent, a decrease from the 9.1 percent growth seen in 2021-22.
According to the Ministry of Statistics & Programme Implementation, the estimated real GDP at constant (2011-12) prices for the fiscal year 2022-23 is expected to reach Rs 160.06 lakh crore, compared to the First Revised Estimates of Rs 149.26 lakh crore for 2021-22.
The release also states that the nominal GDP at current prices for the fiscal year 2022-23 is projected to reach Rs 272.41 lakh crore, compared to Rs 234.71 lakh crore in 2021-22, indicating a growth rate of 16.1 percent.
For the fourth quarter of 2022-23, the estimated GDP at constant (2011-12) prices is Rs 43.62 lakh crore, compared to Rs 41.12 lakh crore in the same quarter of 2021-22, representing a growth of 6.1 percent. Similarly, the GDP at current prices for the fourth quarter of 2022-23 is estimated to be Rs 71.82 lakh crore, compared to Rs 65.05 lakh crore in the fourth quarter of 2021-22, reflecting a growth of 10.4 percent.
Reserve Bank of India Governor Shaktikanta Das, speaking at a Confederation of Indian Industry event in New Delhi on May 24, stated that India’s gross domestic product for the financial year 2022-23 could exceed the estimated 7 percent. He expressed his belief that the GDP growth rate might slightly surpass this forecast.
Earlier this year, the Economic Survey document for 2022-23 projected India’s GDP growth at 7 percent, while forecasting a baseline GDP growth of 6.5 percent in real terms for 2023-24.
Read Also : Manipur Governor to head peace committee, high-level CBI probe in six incidents of violence: Amit Shah
Follow us : Twitter
