India GDP 6.1 % in
march ,7.2 % in
2022-2023
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Gross Domestic Product (GDP) is a measure of the total value of all final goods and services produced within a country's borders during a specific period, usually a year. It is used as an indicator of the size and health of an economy. GDP includes the value of goods and services produced by individuals, businesses, and the government, both domestically and abroad.
The Indian government said on Wednesday (May 31) that the economy grew 6.1 per cent in the fourth quarter of 2022-23, which pushed the annual growth rate to 7.2 per cent.
The official data showed that the growth in the January-March period was higher than the 4.5 per cent expansion in the previous October-December quarter of 2022-23.
The data released by the National Statistical Office (NSO) stated that the Gross Domestic Product (GDP) had expanded by 4 per cent in the January-March period of 2021-22.
The economy expanded 7.2 per cent in 2022-23 against a 9.1 per cent growth in 2021-22.
The NSO, in its second advance estimate of national accounts, had pegged the country's growth at 7 per cent for 2022-23.
The official data mentioned that the "real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated to attain a level of ₹160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of ₹149.26 lakh crore."
"The growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22," it added
In spite of the pace of Gross domestic product development coming at a somewhat lower rate to the earlier year,
India stays perhaps of the quickest developing economy
among major worldwide players.
The Gross domestic product development for FY2022-23 at 7.2% is higher than the 7% middle gauge in a Bloomberg overview as well as the public authority's figure made three months prior.
The development pushed the Indian economy to $3.3 trillion and set up for accomplishing $5 trillion objective in the following couple of years.