India's GDP grows by 6.1% in Jan-March quarter, 7.2% in 2022-23: Data
New Delhi, May 31: The Indian economy grew by 6.1% in January-March (Q3) 2023, according to data provided by the National Statistical Office (NSO) on Wednesday. In the third quarter of 2022, the country's GDP increased by 4.4%.
In the fourth quarter of 2021-22 (FY22), India's GDP increased by 4.1%. According to government figures, real GDP growth in 2022-23 is expected to be 7.2 percent, down from 9.1 percent in 2021-22.
According to the Ministry of Statistics and Programme Implementation, real GDP or GDP at constant (2011-12) prices in the fiscal year, 2022-23 is expected to reach Rs 160.06 lakh crore, up from Rs 149.26 lakh crore in the fiscal year 2021-22.
"Nominal GDP or GDP at current prices in the year 2022-23 is estimated to attain a level of Rs 272.41 lakh crore, as against Rs 234.71 lakh crore in 2021-22, showing a growth rate of 16.1 per cent," it stated.
According to the release, GDP at constant (2011-12) prices is expected to be Rs 43.62 lakh crore in Q4 2022-23, up from Rs 41.12 lakh crore in Q4 2021-22, representing a 6.1% increase.
"GDP at current prices in Q4 2022-23 is estimated at Rs 71.82 lakh crore, as against Rs 65.05 lakh crore in Q4 2021-22, showing a growth of 10.4 per cent."
According to Reserve Bank of India Governor Shaktikanta Das, India's GDP in the fiscal year 2022-23 could be higher than the predicted 7%.
"I will not be surprised if the GDP growth comes slightly above 7 per cent," said Das.
The Economic Survey document for 2022-23 released earlier this year said that India may grow at 7 per cent and has projected a baseline GDP growth of 6.5 per cent in real terms for 2023-24.