Provisional national income data released by
the National
Statistical Office (NSO)
- India’s GDP growth accelerated to 6.1% in the January to March 2023 quarter, lifting the economy’s expansion in 2022-23 to 7.2% from 7% estimated earlier.
- The Gross Value Added (GVA) in the economy is reckoned to have risen 7% in 2022-23, compared with 8.8% in 2021-22.
- Manufacturing GVA growth slid to just 1.3% from 11.1% a year earlier, despite a 4.5% rebound in the final quarter
after six months of contraction.
- Several sectors delivered positive outcomes.
- Consumption remained moderate
and the overall
growth pattern remains uneven.
- The farm and services sectors encouraged economic outcomes as just three of eight broad economic activity segments recorded higher GVA growth than in 2021-22.
- The agricultural GVA grew 4%, up from 3.5% in the previous year.
- The financial, real estate and professional services sectors saw their GVA grow 7.1%, compared with 4.7% in 2021-22.
- The GVA of the trade, hotels, transport, and communication sectors, as well as services related to broadcasting grew 14%, marginally faster than in the previous year.
- In GVA terms, the final three months of 2022-23 recorded a three-quarter high of 6.5%.
- Growth in private final consumption expenditure witnessed a slight uptick to 2.8%.
- Growth momentum continued across agriculture, industry and services sectors.
- India’s 6.1% GDP growth was the fastest among major economies
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