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India GDP Data: India’s economy grew 6.1% in the January-March quarter. 10 points
- India's economy grew 6.1% in the January-March quarter from a year earlier, accelerating from 4.4% in the previous quarter, helped by a pickup in manufacturing activity, government data showed
India's economy grew by 7.2 percent in the year to March, official figures showed Wednesday, boosted by a robust services sector and domestic consumption. In the fourth fiscal quarter from January to March, the world's fifth-largest economy grew by 6.1 percent on the same period last year, according to the data released by the National Statistical Office.
Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated to attain a level of ₹160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of ₹149.26 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22.
Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to attain a level of ₹272.41 lakh crore, as against ₹234.71 lakh crore in 2021-22, showing a growth rate of 16.1 percent.
GDP at Constant (2011-12) Prices in Q4 2022-23 is estimated at ₹43.62 lakh crore, as against ₹41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 percent. GDP at Current Prices in Q4 2022-23 is estimated at ₹71.82 lakh crore, as against ₹65.05 lakh crore in Q4 2021-22, showing a growth of 10.4 percent.
Provisional and Quarterly Estimates of National Income are compiled using the benchmark-indicator method i.e. the estimates available for the previous year referred to as the benchmark year (2021-22 in this case) are extrapolated using the relevant indicators reflecting the performance of sectors.
The Second Advance Estimates (SAE) of National Income for the year 2022-23 were released on 28th February, 2023. These estimates have now been revised incorporating latest information on relevant indicators in the financial year.
Total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue. Latest available information on the websites of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products at Current Prices. For compiling taxes on products at constant prices, volume extrapolation is done using volume growth of taxed goods and services.
The total product subsidies were compiled using the latest information on major subsidies viz. Food, Urea, Petroleum and Nutrient based subsidy as available on CGA website and the expenditure incurred on subsidies by most States up to March, 2023 as available on CAG website along with the state-wise BE provision for 2022-23.
Information available on Revenue expenditure, Interest payments, Subsidies etc. based on detailed analysis of budget documents of Centre and States for 2022-23 were also put to use for estimating Government Final Consumption Expenditure (GFCE).
Improved data coverage and revision in input data made by source agencies would have a bearing on subsequent revisions of these estimates.
Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take these into consideration while interpreting the figures.
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Business NewsNewsIndiaIndia GDP Data: India’s economy grew 6.1% in the January-March quarter. 10 points
First Published:31 May 2023, 06:02 PM IST
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