India continues to maintain its streak of world-beating economic growth after the Gross Domestic Profit for the March quarter beat all expectations. The GDP of India beat with a 6.1% expansion that helped push the annual growth rate to 7.2%.
After this, the Indian economy is now USD 3.3 trillion in size. Asia’s third-largest economy beat all estimates to grow at 6.1 per cent in January-March, the last quarter of the 2022-23 fiscal, up from a revised 4.5 per cent in the previous quarter, government data released Wednesday showed.
The growth was boosted by a 5.5 per cent expansion in agriculture and a 4.5 per cent growth in manufacturing. Other sectors of the economy – construction, services and mining – too posted handsome growth rates.
The economic expansion was recorded at 6.1 per cent during the March 2023 quarter, while it was 4.5 per cent in October-December and 6.2 per cent in July-September 2022.
The growth was 13.1 per cent in April-June 2022, as per the data released by the National Statistical Office (NSO).
For the full 2022-23 fiscal (April 2022 to March 2023), the growth now stands revised to 7.2 per cent, above the earlier projection of 7 per cent but lower than the 9.1 per cent expansion in 2021-22.
This helped it maintain the tag of the fastest-growing emerging economy. China grew by 4.5 per cent in the first three months of 2023.
High-frequency indicators showed the economy gaining momentum in April thanks to higher tax collections and a booming services sector. But exports and imports declined, smudging the outlook. Barring the monsoon and geo-political risks, India’s economy may exceed the initial estimate of 6.5 per cent for the current fiscal (April 2023 to March 2024.)
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