The National Statistical Office (NSO) on Wednesday released India’s Gross Domestic Product (GDP) data for the January-March quarter. During the quarter, GDP grew by 6.1 per cent in comparison to 4.5 per cent growth during the previous quarter of the financial year and 4 per cent during the fourth quarter of FY22. The growth was driven by pickup in manufacturing activity, recovery in private investment and domestic consumption, government data showed. India’s economy witnessed a better and significant growth than estimates. According to a CNBC TV18 poll, India was expected to report a GDP growth of 5.1 per cent.
“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,” said Ministry of Statistics & Programme Implementation (MoSPI).
For the full year, the government revised the growth rate to 7.2 per cent as against the estimates of 7 per cent. “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,” the statistics ministry said. It also added that the 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.
Meanwhile, the gross value added (GVA) of India at basic prices saw a growth of 7 per cent in FY23, moderating from 8.8 per cent in FY22.
Sectoral performance in GVA
GVA in agriculture, forestry and fishing recorded a growth of 4 per cent in FY23 as against 3.5 per cent in FY22. In rupee terms, the provisional estimate was at Rs 22,34,269 crore in FY23 in comparison to Rs 21,49,122 crore in FY22. The GVA in construction posted growth of 10 per cent in FY23 as against 14.8 per cent in FY22. Further, trade, hotels, transport, communication & services related to broadcasting posted growth of 14 per cent in FY23 as against 13.8 per cent in the previous financial year. Financial, real estate & professional services recorded a growth of 7.1 per cent in FY23 comparison to 4.7 per cent in FY22. Manufacturing sector, meanwhile, posted a fall in growth at 1.3 per cent in FY23 from 11.1 per cent in the previous year. However, in value terms the provisional estimates of the manufacturing sector was at Rs 26,17,059 crore in FY23 as against Rs 25,82,473 crore in FY22.
Fiscal deficit for FY 2022-23
Meanwhile, the centre’s fiscal deficit narrowed to 6.4 per cent of the GDP in FY23 from 6.71 per cent in FY22. The Controller General of Accounts (CGA) said the fiscal deficit in absolute terms was Rs 17,33,131 crore (provisional), marginally down from the amount projected in the Revised Estimates (RE) in the Budget.