GDP grows by 7.2% in FY23, powered by agriculture, manufacturing, mining
- IBJ Bureau
- Jun 01, 2023
The Indian economy grew by 6.1 per cent in the January-March quarter of 2022-23, pushing annual growth rate to 7.2 per cent. The good show in the country’s Gross Domestic Product (GDP) was on account of better performance by agriculture, manufacturing, mining and construction sectors.
The growth in GDP 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 financial year, the economy had grown by 9.1 per cent.
China has registered economic growth of 4.5 per cent in the first three months of 2023.
India’s 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, according to the data released by the National Statistical Office (NSO).
The GDP had grown by 4 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 7 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.
Nominal GDP or GDP at current prices in 2022-23 is estimated to attain a level of Rs 272.41 lakh crore ($3.3 trillion), as against Rs 234.71 lakh crore ($2.8 trillion) in 2021-22, showing a growth rate of 16.1 per cent.
Gross value added (GVA) growth during the financial year ended March 2023 was 7 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 financial year. Construction grew 10.4 per cent in the quarter, up from 4.9 per cent in the corresponding period of 2021-22.