Categories: Economy

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Here are the key highlights:

  1. 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.

  2. 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.
  3. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Find More News on Economy Here

Piyush Shukla

Recent Posts

Ceasefire Declared Between India and Pakistan Amid Escalating Tensions

In a major diplomatic breakthrough, India and Pakistan have agreed to a full and immediate…

1 day ago

The Smile on Her Face: When ‘Maa Ka Sapna, Aapka Selection’ Becomes Reality

This Mother’s Day, ask yourself: “What’s the most meaningful gift you’ve ever given to your…

1 day ago

Mother’s Day 2025: Date, History, Significance and Celebrations

Mother’s Day is a heartfelt tribute to the unwavering love, resilience, and dedication of mothers…

1 day ago

10 Years of Jan Suraksha Schemes (2015–2025)

The three flagship social security schemes under the Jan Suraksha Abhiyan — Pradhan Mantri Jeevan…

1 day ago

RBI Slaps Penalties on SBI and Jana Small Finance Bank for Regulatory Lapses

In a strong regulatory move, the Reserve Bank of India (RBI) has imposed monetary penalties…

1 day ago

Uttar Pradesh Partners with World Bank to Launch UP AGREES & AI Pragya Initiatives

On May 9, 2025, Uttar Pradesh Chief Minister Yogi Adityanath, in the presence of World…

1 day ago