Indian economy beats expectations to grow at 6.1% in March quarter, 7.2% in FY23

India’s economy grew 6.1 percent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 percent, official data showed on Wednesday.

Growth in the January-March period was higher than the 4.5 percent expansion in the previous October-December quarter of 2022-23.

The Gross Domestic Product (GDP) had expanded by 4 percent 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 percent in 2022-23 against a 9.1 percent growth in 2021-22.

The NSO in its second advance estimate of national accounts had pegged the country’s growth at 7 percent for 2022-23.

GDP growth beats RBI projection

Notably, the GDP growth is better than what the Reserve Bank of India had projected.

The RBI had projected 5.1 percent growth in Q4FY23, while analysts predicted the economy to grow over 5 percent in the January-March period, India Today reported.

China has registered an economic growth of 4.5 percent in the first three months of 2023.

With inputs from PTI

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