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The gross domestic product is the most common representation of a country’s economic progress and also becomes a political talking point in India. As the world’s growth has been hit by recession and geopolitical tensions, economists had predicted a 5 per cent GDP growth for India, while the Reserve Bank of India pegged it at 5.1 per cent.
But the Indian economy has beat both estimates by a significant margin, to clock a 6.1 per cent GDP growth in the January-March quarter of FY23.
This also indicates a 7.2 per cent growth in GDP for the entire year, defying a global slowdown which has bogged down even developed economies.
The report by India’s ministry for statistics shows that the real GDP growth in FY23 has been 7.2 per cent, which is lower than 9.1 per cent in FY22.
Growth for the nominal GDP between FY22 and FY23 has also been registered at 16 per cent.
The surge was led by the mining sector at 16.3 per cent, followed by construction at 10.4 per cent and agriculture at 10.3 per cent.
