As India’s economic growth surpassed expectations in the fourth quarter of 2022-23, logged a 6.1% growth in Jan–March quarter of the fiscal, Chief Economic Advisor (CEA) V Anantha Nageswaran said private investment is catching up in the economy, while manufacturing has regained brisk growth.
It may be noted that most of the estimates pegged the Q4 FY23 growth rate in the ballpark of 5%. The GDP growth rate in the full year 2022-23 stood at 7.2% compared with 9.1% in 2021-22. This too surpassed the earlier estimates of 7% by the Reserve Bank of India (RBI).
Speaking on the GDP data, Nageswaran said, “Manufacturing sector has regained brisk growth rate in Q4. Exports of goods and services are the highest in the last eight years. Private sector capital formation is catching up.”
“Growth momentum in the Q4 sustained at 6.1 percent and is the fastest among the major economies. Growth momentum is picking up in industry and agriculture,” Nageswaran added.
“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. 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,” said a release from the ministry of statistics.
“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 percent,” it added.
“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 percent. 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 percent,” the release added.