India: GDP grows 6.1% in March quarter, 7.2% in 2022-23

The Indian government said on Wednesday (May 31) that the economy grew 6.1 per cent in the fourth quarter of 2022-23, which pushed the annual growth rate to 7.2 per cent.

The official data showed that the growth in the January-March period was higher than the 4.5 per cent expansion in the previous October-December quarter of 2022-23.

The data released by the National Statistical Office (NSO) stated that the Gross Domestic Product (GDP) had expanded by 4 per cent in the January-March period of 2021-22.

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The economy expanded 7.2 per cent in 2022-23 against a 9.1 per cent growth in 2021-22.

The NSO, in its second advance estimate of national accounts, had pegged the country's growth at 7 per cent for 2022-23.

The official data mentioned that the "real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated to attain a level of ₹160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of ₹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," it added.

As quoted by the news agency Reuters, Upasna Bhardwaj, who is the chief economist at the Kotak Mahindra Bank in Mumbai, said, "The sharp upside to the GDP growth suggests the resilience of the Indian economy despite the global slowdown."

"However, we remain watchful on the sustainability of the strength especially when much of the non-agricultural growth has been led by public investment, while consumption remains tepid," Bhardwaj added.

India's neighbour China has registered an economic growth of 4.5 per cent in the first three months of 2023.

'This India is different': Morgan Stanley report

The latest report by Morgan Stanley noted that India, under Prime Minister Narendra Modi, has seen a massive transformation. It has gained a position in the world order and becoming a key driver for Asia and global growth.

"This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook," it said. "India has transformed in less than a decade."

The report has listed the 10 big changes that have happened since Prime Minister Narendra Modi took office in 2014. It said that bringing corporate tax at par with peers was one of the biggest supply-side policy reforms.

(With inputs from agencies)

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