The growth rate of India’s gross domestic product (GDP) for the fiscal year 2022-2023 (FY23) was 7.2 percent, which was higher than the estimate of 7 percent that was anticipated by the Reserve Bank of India (India’s central bank).
The most recent information that was made public by the National Statistical Office showed that India’s gross domestic product (GDP) growth picked up speed in the quarter that spanned January to March, with an excellent rise of 6.1 percent.
In comparison to the growth rate of 4.4 percent recorded in the preceding quarter, this result represented a major leap forward. Notably, the growth rate during this time has also beaten prior expectations, as the RBI had originally anticipated a growth rate of 5.1 percent. This is notable since the growth rate has also outperformed earlier projections during this era.
In comparison to the growth rate of 4.4 percent recorded in the preceding quarter, this result represented a major leap forward. Notably, the growth rate during this time has also beaten prior expectations, as the RBI had expected a growth rate of 5.1 percent. This is notable since the growth rate during this period has also outperformed earlier projections.
“Real GDP or GDP at Constant (2011-12) Prices is anticipated to hit a level of Rs 160.06 lakh crore in the year 2022-23, as opposed to the First Revised Estimates of GDP for the year 2021-22, which was Rs 149.26 lakh crore. This is a significant increase from the First Revised Estimates of GDP for the year 2021-22.
According to the statistics ministry, “the growth in real GDP during the fiscal year 2022-23 is estimated to be at 7.2 percent as compared to 9.1 percent in the fiscal year 2021-22.”
The annual rate of growth of the economy was 13.1% in the fiscal year 2023, with quarterly increases of 6.2 % in both the first and second quarters.
During the course of the fiscal year, the agriculture sector in India saw a growth rate of 5.5 percent, whilst the mining industry observed a significant increase and recorded a stunning growth rate of 16.3 percent. The construction industry also did quite well, with a growth rate of 10.4 percent over the previous year. Earlier, the RBI projected that the annual rate of expansion of the GDP may reach 7 percent. “During the course of the fourth quarter, all of the high-frequency indicators kept up their previous levels of momentum. As a result, we should not be shocked if the increase for FY23 is somewhat more than 7 percent, as he went on to explain.