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.
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.
Several sectors played a significant role in driving India’s GDP growth in Q4 2022-23.
Here’s a sector-wise breakdown:
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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