India's economy continued to show resilience and strong growth in the fourth quarter of the fiscal year 2022-23, outpacing forecasts with a spectacular expansion of 6.1 per cent, according to Khalsa Vox.
This remarkable achievement has raised India's annual growth rate to an astounding 7.2%, consolidating India's place as Asia's third-largest economy. The overall magnitude of this achievement is USD 3.3 trillion.
According to government figures, the economy outperformed forecasts by growing by 6.1 per cent in the January-March quarter, a considerable increase over the previously reported growth of 4.5 per cent.
The biggest contributors to this rise were an increase in manufacturing of 4.5% and an increase in the agricultural sector of 5.5%. Other sectors of the economy with notable growth rates were mining, services, and construction.
According to the National Statistical Office (NSO), the economy expanded by 6.1% in the quarter ending in March 2023, following growth rates of 4.5% in October-December 2022 and 6.2% in July-September 2022.
The data also revealed that India achieved a remarkable growth rate of 13.1 per cent in April-June 2022.
For the full fiscal year 2022-23 (April 2022 to March 2023), the growth rate now stands at 7.2 per cent, surpassing the earlier projection of 7 per cent but slightly lower than the 9.1 per cent expansion recorded in 2021-22, Khalsa Vox reported.
This success enables India to continue to beat China, which grew by 4.5% in the first quarter of 2023, and keep its position as the fastest-growing emerging economy.
Chief Economic Adviser, V Anantha Nageswaran expressed satisfaction with India's sustained economic momentum, accompanied by macroeconomic, financial, and fiscal stability. He expressed optimism for another year of solid economic performance by India.