India's economy continued to show resilience and strong growth in the fourth quarter of the fiscal year 2022-23, outpacing forecasts with a spectacular expansion of 6.1 per cent, as per reports.
With a total size of USD 3.3 trillion, this exceptional accomplishment has increased the yearly growth rate to an astonishing 7.2 per cent, solidifying India's position as Asia's third-largest economy. According to government figures released on Wednesday, the economy outperformed forecasts by growing by 6.1 per cent in the January-March quarter, a considerable increase over the previously reported growth of 4.5 per cent.
A 5.5 per cent gain in the agricultural sector and a 4.5 per cent increase in manufacturing were the main drivers of this growth. Construction, services, and mining were among the other areas of the economy that saw significant growth rates.
The National Statistical Office (NSO) reported that the economic expansion for the March 2023 quarter was recorded at 6.1 per cent, following growth rates of 4.5 per cent in October-December and 6.2 per cent in July-September 2022.
The data also revealed that India achieved a remarkable growth rate of 13.1 per cent in April-June 2022.
For the full fiscal year 2022-23 (April 2022 to March 2023), the growth rate now stands at 7.2 per cent, surpassing the earlier projection of 7 per cent but slightly lower than the 9.1 per cent expansion recorded in 2021-22.
This accomplishment allows India to maintain its status as the fastest-growing emerging economy, outperforming China, which grew by 4.5 per cent in the first quarter of 2023.
Various high-frequency indicators demonstrate that the Indian economy gained momentum in April, thanks to increased tax collections and a thriving services sector.
V Anantha Nageswaran, Chief Economic Adviser, expressed satisfaction with India's sustained economic momentum, accompanied by macroeconomic, financial, and fiscal stability. He expressed optimism for another year of solid economic performance by India.
(ANI)