India’s economy grew at a speed of 7.2 percent in 2022-23
According to data from the National Statistical Office (NSO), the growth rate in the January-March quarter of the financial year 2022-23 stood at 6.1 percent. Whereas earlier, it was 4.5 per cent in the October-December quarter and 6.2 per cent in the July-September quarter. The GDP growth rate was 13.1 percent in the April-June quarter of 2022-23. It was four percent in the January-March quarter of the financial year 2021-22. According to statistics, the economic growth rate in the entire financial year 2022-23 was 7.2 percent. In the previous financial year 2021-22, it was 9.1 percent. In the second advance estimate released by the National Statistics Office in February, the country’s growth rate was expected to be seven percent.
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With this, India remains a country achieving the fastest economic growth rate. China’s growth rate stood at 4.5 percent in the January-March quarter this year. Indicators like GST collection, electricity consumption, PMI (Purchasing Managers Index) are showing signs of economic activity continuing in April. However, exports and imports have decreased. This poses some risk. Barring monsoon and global political risk, the country’s economic growth rate may remain above the estimate of 6.5 percent in 2023-24.
Chief Economic Advisor V Ananth Nageswaran said, “We have been able to present a story of sustainable economic growth with macroeconomic, financial and fiscal stability. With this, we are excited about India’s solid economic performance for another year. Deloitte India Economist Rumki Mazumdar said the GDP numbers are surprisingly heartening but not entirely unexpected. “The boom in the manufacturing sector is making the situation more pleasant as the sector had been a matter of concern for the policy makers,” he said.
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Gross Value Added (GVA) growth for the fiscal year ending March 2023 stood at seven per cent as against 8.8 per cent in the previous fiscal. The GVA growth rate in the manufacturing sector increased to 4.5 per cent in the quarter ending March 2023 from 0.6 per cent in the same quarter a year ago. The GVA growth rate in the mining sector stood at 4.3 per cent in the fourth quarter ending March 2023 as against 2.3 per cent in the same quarter a year ago. The growth rate of the construction sector was 10.4 percent during this period, which was 4.9 percent in the same quarter of 2021-22 a year ago. The growth rate of agriculture sector during this period was 5.5 percent, which was 4.1 percent in the same quarter a year ago.
However, the pace of growth of eight core industries slowed down to a six-month low of 3.5 per cent in April 2023. Growth in basic industry slowed down mainly due to lower production of crude oil, natural gas, refinery products and electricity. On the other hand, the growth rate of basic industries was 7.7 percent in the entire financial year 2022-23 due to the better performance of coal, fertilizer and power sectors. Meanwhile, according to the data of the Controller General of Accounts, the fiscal deficit for the financial year 2022-23 stood at 6.4 per cent of the GDP, which is in line with the target. Better tax and non-tax revenue collections helped contain the fiscal deficit.
