India's GDP Growth Accelerates to 6.1% in Q4 2022-23, Propelling Economy to $3.3 Trillion

India’s economy showcased significant growth in the January-March quarter of 2022-23, with a GDP growth rate of 6.1%. This surge, primarily driven by improved performance in agriculture, manufacturing, mining, and construction sectors, contributed to an annual growth rate of 7.2%. The robust growth propelled the Indian economy to reach $3.3 trillion and sets the stage for achieving the ambitious $5 trillion target in the coming years.

GDP Growth Highlights

The National Statistical Office (NSO) released official data confirming the noteworthy growth achieved by the Indian economy in the first quarter of 2022-23.

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Here are the key highlights:

Q4 2022-23 GDP Growth: The GDP growth rate in the March 2023 quarter was recorded at 6.1%, reflecting a steady expansion from the previous quarters. The growth rates for October-December 2022 and July-September 2022 stood at 4.5% and 6.2%, respectively.
Annual Growth Rate: The economy grew by 7.2% in 2022-23, taking into account the cumulative growth throughout the fiscal year. This was slightly lower than the previous fiscal year’s growth rate of 9.1% in 2021-22.
Comparative Growth with China: In the first three months of 2023, China registered an economic growth rate of 4.5%, highlighting India’s relatively higher growth trajectory.

Sector-wise Performance

Several sectors played a significant role in driving India’s GDP growth in Q4 2022-23.

Here’s a sector-wise breakdown:

Agriculture: The agriculture sector experienced an acceleration in growth, reaching 5.5% compared to the previous year’s 4.1% growth rate. This improvement contributed to the overall GDP expansion.
Manufacturing: The manufacturing sector witnessed a notable growth rate of 4.5% during the March 2023 quarter, a substantial increase from the previous year’s 0.6% growth rate. This surge played a pivotal role in boosting the economy.
Mining: The mining sector exhibited a growth rate of 4.3% in Q4 2022-23, surpassing the 2.3% growth recorded in the same period of the previous fiscal year.
Construction: The construction sector demonstrated significant growth, expanding by 10.4% during the quarter, compared to 4.9% growth in the corresponding period of 2021-22.
Services Sector: Various segments within the services sector contributed to the overall economic growth. The trade, hotel, transport, communication, and services related to broadcasting segment registered a growth rate of 9.1% in Q4 2022-23, compared to 5% growth in the same period last year. Financial, real estate, and professional services witnessed a growth rate of 7.1% during the quarter, up from 5.7% in the previous year.

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