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India’s GDP expanded 6.1% in 2022-23
June 01, 2023
India’s GDP growth accelerated to 6.1% in the January to March 2023 quarter, lifting the economy’s uptick in 2022-23 to 7.2% from the 7% estimated earlier, according to the provisional national income data released by the National Statistical Office (NSO) on Wednesday.
The Gross Value Added (GVA) in the economy is reckoned to have risen 7% in 2022-23, compared to 8.8% in 2021-22, with manufacturing GVA growth sliding to just 1.3% from 11.1% a year ago, despite a 4.5% rebound in the final quarter after six months of contraction.
Economists noted that though several sectors delivered a positive surprise, especially in the last quarter of the year, consumption remained tepid and the overall growth pattern remains uneven.
The NSO also revised GDP and GVA numbers lower for the first half of last year, but bumped up the third quarter figures slightly. The first quarter’s GDP growth in 2022-23 is now pegged at 13.1%, followed by a 6.2% rise in the second quarter and 4.5% growth in the third, up from the 4.4% estimated in February.
In GVA terms, the final three months of 2022-23 recorded a three-quarter high of 6.5%. The growth estimates for the first and second quarters were pared to 11.9% and 5.4% respectively, while the third quarter GVA growth was revised higher to 4.7%, from the 4.6% reckoned earlier.
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