India's GDP Grows By 6.1% In January-March Quarter, 7.2% In FY 23

New Delhi: India's economy grew 6.1 per cent in the January-March (Q3) 2023, data released by the National Statistical Office (NSO) on Wednesday showed. The GDP growth of the country was 4.4 per cent in the October-December (Q3) 2022.

India's GDP growth was 4.1 per cent in the fourth quarter of 2021-22 (FY22). According to the government data, 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 & Programme Implementation said in a release that 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.

"Nominal GDP or GDP at current prices in the year 2022-23 is estimated to attain a level of Rs 272.41 lakh crore, as against Rs 234.71 lakh crore in 2021-22, showing a growth rate of 16.1 per cent," it said. The release said that GDP at constant (2011-12) prices in Q4 2022-23 is estimated at Rs 43.62 lakh crore, as against Rs 41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 per cent.

GDP at current prices in Q4 2022-23 is estimated at Rs 71.82 lakh crore, as against Rs 65.05 lakh crore in Q4 2021-22, showing a growth of 10.4 per cent." India's gross domestic product in the financial year 2022-23 could be more than the estimated 7 per cent, Reserve Bank of India Governor Shaktikanta Das said on May 24.

"I will not be surprised if the GDP growth comes slightly above 7 per cent," said Das speaking at a Confederation of Indian Industry event in New Delhi. The Economic Survey document for 2022-23 released earlier this year said that India may grow at 7 per cent. The Economic Survey has projected a baseline GDP growth of 6.5 per cent in real terms for 2023-24.