India’s economy expanded by 6.1% in the January-March quarter of the financial year 2022-23, accelerating from 4.4% growth in the previous quarter, according to government data released by the National Statistical Office (NSO).
The estimated GDP for the last quarter of the fiscal year 2022-23 stood at ₹43.62 lakh crore, reflecting a growth of 6.1% compared to ₹41.12 lakh crore in the previous year’s final quarter.
The real GDP for the entire fiscal year 2022-23 is projected to reach ₹160.06 lakh crore, indicating a growth of 7.2% compared to ₹149.26 lakh crore in 2021-22. This growth rate is lower than the 9.1% achieved in the previous fiscal year.
The Centre’s fiscal deficit narrowed to 6.4% of the GDP in 2022-23 from 6.71% in FY22, as per the data released by the Controller General of Accounts (CGA) on the revenue-expenditure of the Union government for 2022-23.
India has set a budget deficit target of 5.9% for the current fiscal year that began on April 1.
The higher dividend surplus transfer of ₹874.2 billion from the Reserve Bank of India is expected to provide some cushion to meet any revenue shortfalls or expenditure overruns, according to economists at ICRA.
In the March quarter, the manufacturing sector witnessed a growth of 4.5% compared to a contraction of 1.1% in the previous quarter. Farm output also showed improvement, with a growth of 5.5% in the same period, up from 3.7% growth.
