Fiscal 2023 GDP Growth Estimated At 7.2%, Lower Than 9.1% In Fiscal 2022

The Indian economy grew 7.2 per cent in the last financial year, lower than 9.1 per cent in the previous year, the government said today. The Gross Domestic Product (GDP) growth marginally beats the central bank’s estimates.

The Reserve Bank of India had estimated a GDP growth of 7 per cent in FY 2022-23, though the central bank’s head Shaktikanta Das had said it won’t be surprising if the real GDP growth beats the estimate.

The economy expanded 6.1 per cent in the January-March quarter, rising after a slump in the previous two quarters. The third (October-December) quarter saw a growth of 4.5%.

The fourth quarter estimate beats the 4% growth clocked in the same quarter in the year-ago period.

Trade, hotels and transport sectors reported the highest growth at 14 per cent.

In a recent research report, US-based ratings firm Moody’s said India will remain the fastest growing G20 economy over the next few years.

While urbanisation will bolster demand for housing and new cars, government infrastructure spending will fuel the demand for steel and cement, and the country’s net-zero commitment will bring in investment in renewable energy, it had said.