Beating street estimates, India’s economic growth measured in terms of Gross Domestic Product (GDP) surged to 6.1 per cent in the March quarter of fiscal year 2022-23 (Q4FY23). In Q4FY22, gross domestic product (GDP) growth was 4 per cent. Sequentially, in quarterly terms in 2022-23, the economy grew 13.1 per cent in April-June (earlier 13.2 per cent), 6.2 per cent in July-September (earlier 6.3 per cent), 4.5 per cent in October-December (earlier 4.4 per cent). The growth was boosted with expansion in agriculture and growth in manufacturing. Other sectors of the economy - construction, services and mining - too posted handsome growth rates.
For the full 2022-23 fiscal (April 2022 to March 2023), the growth now stands revised to 7.2 per cent, above the earlier projection of 7 per cent but lower than the 9.1 per cent expansion in 2021-22. This helped it maintain the tag of the fastest-growing emerging economy. China grew by 4.5 per cent in the first three months of 2023. After this, the Indian economy is now $3.3 trillion in size. High-frequency indicators showed the economy gaining momentum in April thanks to higher tax collections and a booming services sector. But exports and imports declined, smudging the outlook.
As per the data, 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 against the First Revised Estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore. 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. Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to attain a level of Rs 272.41 lakh crore, as against Rs 234.71 lakh crore in 2021-22, showing a growth rate of 16.1 percent. GDP at Constant (2011-12) Prices in Q4 2022-23 is estimated at Rs 43.62 lakh crore, as against Rs 41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 percent. GDP at Current Prices in Q4 2022-23 is estimated at Rs 71.82 lakh crore, as against Rs 65.05 lakh crore in Q4 2021-22, showing a growth of 10.4 percent.
