The GDP growth for FY2022-23 beats the RBI's estimate. (File)
The Indian economy grew 7.2 per cent in the last financial year with the gross domestic product (GDP) expanding 6.1 per cent in the fourth quarter, the government said today.
The GDP growth in the January-March quarter marked a rise after slumping for the previous two quarters. The third (October-December) quarter saw a growth of 4.5%. The fourth quarter GDP growth estimate of 6.1% is higher than the RBI's forecast of 5.9%.
The overall 7.2% estimate for FY 2022-23 is lower than the previous year's 9.1 per cent growth, but marginally beats the central bank's earlier estimate of 7%.
The Reserve Bank of India had estimated a GDP growth of 7 per cent in FY 2022-23, though its Governor Shaktikanta Das had said it won't be surprising if the real GDP growth beats the estimate.
Trade, hotels and transport sectors reported the highest growth at 14 per cent. Agriculture, manufacturing, trade, and transport sectors led to the growth in the GDP for FY23. The agriculture sector grew by 4%, higher than its 3.5% growth last year. Manufacturing growth, though, is still struggling at 1.3% compared to 11% last year.
Prime Minister Narendra Modi hailed the GDP growth figures and said it underscores the resilience of the Indian economy amid global challenges.
"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," tweeted the Prime Minister.
In a recent research report, US-based ratings firm Moody's said India will remain the fastest growing G20 economy over the next few years.
While urbanisation will bolster demand for housing and new cars, government infrastructure spending will fuel the demand for steel and cement, and the country's net-zero commitment will bring in investment in renewable energy, it had said.