India's GDP Grows 6.1% In 04.7.2% In 2022-23

Manufacturing and construction sectors surprise on the upside

- ASIT RANJAN MISHRA 

India's economic growth shot up by 6.1 per cent in the March quarter of FY23, beating analysts' expectations, as the expansion in manufacturing and construction surprised on the upside, reflecting sustained strength in domestic demand amid a gloomy global outlook.

A poll of 56 economists by Reuters last week pegged Q4 FY23 growth at 5 per cent.

Higher than expected growth in fourth-quarter gross domestic product (GDP) led to an upward revision in overall economic growth in FY23 to 7.2 per cent from 7 per cent estimated earlier, the first provisional estimates of GDP released by the National Statistical Office showed.

"The 2022-23 GDP growth figures underscore the resilience of the Indian economy amidst global challenges. This robust performance along with overall optimism and compelling macro-economic indicators, exemplify the promising trajectory of our economy and the tenacity of our people," said Prime Minister Narendra Modi on Twitter.