India’s Gross Domestic Product (GDP) is pegged to grow at 7.2 per cent during the fiscal year 2022-23 as per the Statistics Ministry’s provisional estimate. The data is 20 basis points higher than the government’s second advance estimate of 7 per cent. The unexpected upside in the GDP numbers is a result of a better-than-expected performance in the last quarter of the fiscal, powered by services, exports, and agriculture. The GDP registered a growth of 6.1 per cent in the January-March, fourth quarter of the last fiscal. At 6.1 per cent, the latest quarterly growth number is significantly higher than expectations of 5.1 per cent. In the financial year 2022-23, the economy grew at 13.1 per cent on an annual basis.
Prime Minister Narendra Modi has expressed satisfaction over the 2022-23 GDP growth. In a tweet, Mr Modi said, the 2022-23 GDP growth figures underscore the resilience of the Indian economy amidst global challenges. Prime Minister said, this robust performance along with overall optimism and compelling macro-economic indicators, exemplify the promising trajectory of our economy and the tenacity of our people.