India's GDP growth in the January to March quarter exceeded expectations because of good results in the agricultural, service, construction, and manufacturing sectors, raising the country's projected total growth for 2022–23 to 7.2% from the previous estimate of 7%.
Data released by the National Statistical Office (NSO) showed growth in January to March - the fourth quarter of the 2022-23 fiscal - was at 6. 1%, higher than the upwardly revised 4. 5% in the previous quarter.
The most recent full-year forecast for 2022–2023 is greater than prior projections from the Reserve Bank of India (RBI), the International Monetary Fund, the World Bank, ratings agencies, and investment banks. This has allowed India to maintain its title as the major economy with the fastest rate of growth. In 2021-22, GDP growth was at 9.1% largely helped by a low base after the record contraction in the previous year due to the Covid-19 pandemic. The growth was propelled by a robust farm sector, which grew 5. 5% in the March quarter compared to 4. 7% in the previous three month period while the services sector rose 6. 9% in January-March, compared to 6. 1% expansion earlier.