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  3. India’s GDP stands at 6.1% in Q4, 7.2% in FY23

India’s GDP stands at 6.1% in Q4, 7.2% in FY23

01 Jun 2023 Evaluate

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.


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