India’s GDP Growth For FY23 Was Higher Than Anticipated At 7.2%; A 6.1% Increase Was Recorded In The Jan.-March Quarter

Today, May 31, the National Statistical Organisation (NSO) published statistics on India’s gross domestic product (GDP) for Q4FY23 and FY23 as a whole. In the fourth quarter of FY23, India’s gross domestic product (GDP) increased by 6.1%, which was more than the Reserve Bank of India had anticipated.

The RBI estimated Q4FY23 growth at 5.1%, whereas experts expected the economy to increase by more than 5% from January to March. With this, the FY23 GDP growth for the whole year was revised at 7.2%, above the RBI’s prediction of 7%.

The figures indicated that India’s mining industry rose by 16.3%, the construction sector by 10.4%, and the agriculture sector by 10.3%. The administration also released information on the expansion of eight key industries. The core sectors increased 3.5% in April 2023, which was a somewhat slower increase than the 3.6% in March 2023.

According to official figures, India’s budget deficit for the fiscal year that ended on March 31 was Rs 17.3 lakh crore, or over 99% of the updated annual projection. The government has achieved the goal budget deficit of 6.4% of GDP thanks to an increase in tax receipts.

In FY23, India’s per capita income rose.

India’s per capita national income (net) increased to Rs. 98,374 crore in FY23 from Rs. 92,583 crore in FY22, according to NSO statistics.Overall, compared to the FY22 figure of Rs. 126.71 lakh crore, the net national income in the cited fiscal year was above Rs. 136.04 lakh crore. India’s manufacturing sector had a sharp drop in growth, from 11.1% in FY22 to 1.3% in FY23.

Compared to a 7.1% rise in FY22, the mining and quarrying industry experienced growth of 4.6% in FY23. Compared to FY22, when electricity, gas and water supplies were all 9.9%, they eased to 9% in FY23.Construction sector growth dropped to 10% in FY23 from 14.8% in FY22, indicating a decline there as well.

In April, India’s infrastructure production decreased by 6 months.

After hitting a five-month low of 3.6% in March, the growth in India’s eight primary infrastructure sectors slowed to 3.5% in April on an annual basis. According to official statistics, output of coal, steel, cement, and fertilisers rose in April 2023 compared to the previous equivalent period.

Since the sectors had a 0.7% expansion in October 2022, the growth rate in April 2023 has been at its lowest.In April of this year, coal output growth decreased by 9%. According to the figures, output of fertilisers increased by 23.5%, steel by 12.1%, and cement by 11.6% in April.