GDP figures gave relief to the government, growth at 6.1% in March quarter, rate at 7.2% in 2022-23
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The country’s GDP growth figures have arrived amid economic slowdown and global challenges. The rate of growth of the country has been better than expected. The country’s economic growth rate has been 6.1 percent in the fourth quarter (GDP Q4 Data) of the last financial year 2022-23. With this, the GDP (Gross Domestic Product) growth rate during the entire financial year has reached 7.2 per cent. According to the data released on Wednesday by the National Statistics Office, the economic growth rate in the October-December quarter of the financial year 2022-23 was 4.5 percent. The GDP growth rate was four percent in the January-March quarter of 2021-22.
Growth rate in last 5 years
| 2018-19 | 6.5% |
| 2019-20 | 3.9% |
| 2020-21 | -5.8% |
| 2021-22 | 9.1% |
| 2022-23 | 7.2% |
Better performance than the third quarter
GDP figures gave relief to the government, growth at 6.1% in March quarter, rate at 7.2% in 2022-23. In the financial year 2023, the economy grew by 13.1 percent in the first quarter, 6.2 percent in the second quarter and 4.5 percent in the third quarter. And the rate of growth in the fourth quarter has been 6.1 percent. Due to which the economic growth rate in the entire financial year 2022-23 was 7.2 percent. In the previous financial year 2021-22, it was 9.1 percent. Experts had predicted GDP growth to be 4.9 to 5.5 percent in the January-March 2023 quarter. The Indian economy has got support due to the strength in the agriculture sector and increase in domestic demand.
better results than expected
The National Statistics Office had expressed the possibility of the country’s growth rate to be seven percent in the second advance estimate. GDP refers to the total value of goods and services produced within a country’s borders. China’s economic growth rate was 4.5 percent in the first quarter of 2023.
India rising star amid global recession
GDP figures gave relief to the government, growth at 6.1% in March quarter, rate at 7.2% in 2022-23. Almost all the economies of the West including America, Europe are in the grip of recession. On the other hand, India has emerged as a brice spot for the global economy. Germany, the country with Europe’s largest economy, is stuck in recession while America is in danger of defaulting for the first time. Institutions like World Bank and IMF say that there is little chance of recession in India. GDP figures also seem to confirm this.
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