India's Gross Domestic Product (GDP) clocked a higher-than-expected growth rate of 6.1 per cent in January-March 2023, in turn pushing up the growth estimate for full year 2022-23 to 7.2 per cent, according to data released Wednesday by the National Statistical Office (NSO).
* This is higher than NSO’s advance estimates of 7 per cent for 2022-23.
* A pickup in services sector growth led by construction, and trade, hotels, transport sectors along with higher investment supported growth even as private final consumption expenditure registered a muted growth.
* India’s GDP in FY23, however, will be lower than the growth rate of 9.1 per cent in 2021-22.
* Sequentially, in quarterly terms in 2022-23, the economy grew 13.1 per cent in April-June (earlier 13.2 per cent), 6.2 per cent in July-September (earlier 6.3 per cent), 4.5 per cent in October-December (earlier 4.4 per cent).
* Agricultural growth was estimated at 5.5 per cent in Q4 as against 4.1 per cent in the year-ago period and 4.7 per cent in the previous quarter. Manufacturing growth rebounded to a year-on-year growth of 4.5 per cent in Q4 FY2023 after having contracted in each of the previous two quarters.
* For the full year though, revisions for the previous quarter ensured manufacturing growth being estimated now at 1.3 per cent for FY23 as against 0.6 per cent earlier.
* Experts said the uptick in manufacturing reflects growth in volumes as well as an improvement in margins during the fourth quarter, partly on account of a sustained moderation in input costs.
* Commenting on the GDP data, Chief Economic Adviser V Anantha Nageswaran said the revised numbers to be released next year for FY23 could push the GDP growth further beyond 7.2 per cent. “I think I can stick my neck out and say that when the revised numbers for FY23 are released next year, there might be an upward revision to the 7.2 percent GDP growth figure.
Source : Indian Express
Published On : June 1, 2023
Category : Indian Economy