GDP up 6.1% in Q4; FY23 growth seen at 7.2%

New Delhi, May 31

India’s economy grew by 6.1 per cent in the January-March quarter of 2022-23, which is estimated to push the annual growth rate to 7.2 per cent on account of better performance by agriculture, manufacturing, mining and construction sectors, according to official data released 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.

While the economy grew by 9.1 per cent in 2021-22, economists are of the view that the numbers for 2022-23 are higher than what was expected earlier. The fiscal deficit for 2022-23 was 6.4 per cent of the GDP.

PM Narendra Modi said the 2022-23 GDP figures showed the resilience of the Indian economy amid global challenges. “The robust performance along with overall optimism and compelling macro-economic indicators exemplify the promising trajectory of our economy and the tenacity of our people,” he tweeted. Congress leader Jairam Ramesh said there was “absolutely no cause for cheer”. “What we have been saying on the deepening divide between the rich and the poor has been proven right,” he said, quoting an article that claimed that domestic consumption for most Indians was still below the pre-pandemic levels, whereas the well-to-do were doing much better than before.

In its second advance estimate released in February, the National Statistical Office had projected the GDP growth for 2022-23 at 7 per cent.

(With PTI inputs)