India’s GDP grows 7.2% in FY23; 6.1% in January-March quarter

It added that India’s GDP grew at 7.2 per cent in FY2022-23, as compared to 9.1 per cent in FY2021-22.

It said the real GDP 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 Ministry of Statistics and Programme Implementation (MoSPI) stated that India’s nominal GDP or GDP at current prices in FY2022-23 grew at a rate of 16.1 per cent. For the March quarter, India’s GDP at current prices registered a growth of 10.4 per cent, the MoSPI stated.

In the March quarter, India’s manufacturing sector output climbed 4.5 per cent year-on-year, as compared to 1.1 per cent contraction in the previous quarter. The nation’s farm output increased 5.5 per cent, against to 3.7 per cent growth in the same period.

The data comes as the Reserve Bank of India (RBI) on Tuesday in its annual report for the financial year 2022-23 said that India’s real GDP growth for 2023-24 is projected at 6.5 per cent with risks evenly balanced, while the economy is expected to expand at 7 per cent in the same period.

The RBI said that India’s growth momentum is likely to be sustained in 2023-24 amid easing inflationary pressures despite facing challenges from an uninspiring global outlook.