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@Evening: 📈 India's GDP Growth Numbers For FY23 Are In, Let's Catch You Up
✨ 'Positive surprise'?
India's GDP growth is strong; now, let's go over the main points.
Context: Indian economy grew 7.2 per cent during the fiscal year 2022-2023 (FY23).
In clocking this figure, it surpassed the estimate of 7 per cent projected by the RBI.
The latest data from the National Statistical Office reveals that India's GDP growth gained momentum in the January-March quarter.
The fourth quarter registered an impressive expansion of 6.1 per cent, up from Rs 41.12 lakh crore in the final quarter of last fiscal to Rs 43.62 lakh crore in this one.
This marked a significant improvement compared to the previous quarter's growth rate of 4.4 per cent.
Past figures & sectoral growth. Notably, the growth rate during this period outperformed earlier estimates, as the RBI initially projected a growth rate of 5.1 per cent.
In fiscal FY23, the economy grew at 13.1 per cent and 6.2 per cent in the first and second quarters, respectively, on an annual basis.
🗣️ "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." — The Ministry of Statistics and Programme Implementation
The agricultural sector in India experienced a growth rate of 5.5 per cent during the fiscal year.
The mining sector witnessed substantial expansion, recording a remarkable growth of 16.3 per cent.
The construction sector also performed well, registering a growth rate of 10.4 per cent.
A positive surprise, then? Only last week, RBI Governor Shaktikanta Das suggested that the economic growth figure for FY23 may hold a ‘positive surprise’.
The RBI had earlier said that the GDP growth rate could be "slightly more than" 7 per cent.
🗣️ “All the high-frequency indicators maintained their momentum in the fourth quarter. Therefore, we should not be surprised if the growth is slightly more than 7 per cent for FY23." — RBI Governor Shaktikanta Das
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