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GDP Grew By 6.1% In Jan-Mar Quarter; FY23 GDP Stands At 7.2%

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The National Statistical Office (NSO) has released the gross domestic product growth rate for the fourth quarter of fiscal year 2022-23, along with the growth rate clocked during the entire FY23.

The country’s gross domestic product or GDP grew by 6.1 percent in the fourth quarter of fiscal year 2022-23, as per the official data. For the entire FY23, the growth rate came in at 7.2 percent.

The fiscal deficit for 2022-23 worked out to be 6.4 per cent of the gross domestic product (GDP), as it was projected by the finance ministry in the revised budget estimates,

according to government data released on Wednesday.

At Rs 17.33 lakh crore, the fiscal deficit for 2022-23 amounts to 6.4 percent of the GDP. However, in absolute terms, it is lower than the revised estimate of Rs 17.55 lakh crore by Rs 22,188 crore.

Centre’s FY23 fiscal deficit is meeting government’s target of 6.4 percent of the GDP.

The FY23 capital expenditure exceeded government’s revised target of Rs 7.28 lakh crore by Rs 8,551 crore, the official data showed.

The Centre’s fiscal deficit during the month of April 2023, which is the first month of the current fiscal, came in at Rs 1.34 lakh crore. This is 7.5 percent of the fiscal deficit target set for FY24.

The official data of India’s gross domestic product (GDP) for the quarter four (January-March 2023) of financial year 2022-23 will be released today by National Statistical Office. In February, NSO’s GDP data for the third quarter Q3 FY23) was released stating Indian economy grew by 4.4 % in October-December 2022 compared to 11.2 % year ago.

India’s economic growth in 2021-22 revised upwards to 9.1 % from 8.7 % earlier. The economy to grow at 7 % in 2022-23, government data had said.

The central government’s fiscal deficit touched 67.8 per cent of the full-year target at the end of January due to higher expenses and lower revenue realisations, the February data release had said.

In the first advance estimates of the national income for FY23 in early January, the NSO estimated the Indian economy to grow at 7 per cent in 2022-23, as against 8.7 per cent in the previous fiscal, mainly due to poor performance of the manufacturing sector.

In the previous quarter ended September 30, 2022 (Q2 FY23), India’s GDP had grown 6.3 per cent.

Meanwhile, according to the RBI’s annual report 2022-23 released on Tuesday, India’s GDP growth for 2023-24 was projected at 6.5 per cent amid softer global commodity and food prices, and good rabi crop prospects, among others. It said that domestic economic activity does face challenges from an uninspiring global outlook going forward, but resilient domestic macroeconomic and financial conditions expected dividends.


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