New Delhi: India's economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, official data showed on Wednesday.
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 Gross Domestic Product (GDP) had expanded by 4 per cent in the January-March period of 2021-22, according to data released by the National Statistical Office (NSO).
As per the data, 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. China has registered an economic growth of 4.5 per cent in the first three months of 2023.
Earlier, India's gross domestic product in the financial year 2022-23 could be more than the estimated 7 per cent, said Reserve Bank of India governor Shaktikanta Das.
"I will not be surprised if the GDP growth comes slightly above 7 per cent," said Das speaking at a Confederation of Indian Industry event here in New Delhi. He said this on the basis of strength in various macro fundamentals.
In the Economic Survey document for 2022-23 released earlier this year, the forecast was that India may grow at 7 per cent. The Economic Survey has projected a baseline GDP growth of 6.5 per cent in real terms for the next financial year 2023-24.
Speaking about India's monetary policy and what could be its future move, he said it was not in his hands but depended on various factors on the ground. "It's not in my hands. It all depends on the situation on the ground. I am driven by what's happening on the ground and what is the outlook on the ground and what are the trends or how is the inflation softening."
