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GDP clocks 6.1% growth in Q4
Pushes FY23 growth to 7.2%; Latest data sets stage for $5-trn target in next few years
New Delhi : India’s economy grew by 6.1 per cent in the January-March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent on account of better performance by agriculture, manufacturing, mining and construction sectors, official data showed on Wednesday. The growth propelled the Indian Economy to $3.3 trillion and set the stage for achieving $5 trillion target in the next few years. In the previous 2021-22 fiscal, the economy grew by 9.1 per cent. China has registered an economic growth of 4.5 per cent in the first three months of 2023. The economic expansion was recorded at 6.1 per cent during the March 2023 quarter, while it was 4.5 per cent in October-December and 6.2 per cent in July-September 2022. The growth was 13.1 per cent in April-June 2022, as per the data released by the National Statistical Office (NSO). The GDP had grown by four per cent in the January-March quarter of 2021-22.
The NSO, in its second advance estimate released in February, had projected the GDP growth for 2022-23 at seven per cent. According to the NSO data, the real GDP prices in 2022-23 are estimated to attain a level of Rs 160.06 lakh crore against the first revised estimates of GDP of Rs 149.26 lakh crore for 2021-22.
“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,” it stated.
Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to attain a level of Rs 272.41 lakh crore ($3.3 trillion), as against Rs234.71 lakh crore ( $2.8 trillion) in 2021-22, showing a growth rate of 16.1 per cent, it added.
The GDP at Constant (2011-12) Prices in Q4 2022-23 is estimated at Rs43.62 lakh crore against Rs41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 per cent. The GDP at Current Prices in Q4 2022-23 is estimated at Rs71.82 lakh crore compared to Rs65.05 lakh crore in Q4 2021-22, a growth of 10.4 per cent. Gross value added (GVA) growth during the fiscal ending March 2023 was seven per cent against an 8.8 per cent growth in the preceding year. The GVA growth in the manufacturing sector accelerated to 4.5 per cent in the March 2023 quarter against 0.6 per cent a year ago. GVA growth in mining was 4.3 per cent in the fourth quarter compared to 2.3 per cent in the same quarter of the previous fiscal.
Construction grew 10.4 per cent in the quarter, up from 4.9 per cent in the corresponding period of 2021-22. The agriculture sector growth accelerated to 5.5 per cent from 4.1 per cent. The electricity, gas, water supply and other utility services segment grew 6.9 per cent during the fourth quarter from 6.7 per cent in the year-ago period.
