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Business News/ News / India/  PM Modi hails resilient Indian economy as 2022-23 GDP data released

Prime Minister Narendra Modi on Wednesday hailed the GDP growth figures for 2022-23 and said that the Indian economy's resilience in the face of global challenges.

Government data revealed that India's economic growth in the March quarter surged to 6.1%, resulting in an annual growth rate of 7.2%. This growth can be attributed to the improved performance of sectors such as agriculture, manufacturing, mining, and construction.

Taking to Twitter, PM Modi said, “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."

Meanwhile, Chief Economic Adviser V Anantha Nageswaran said India can look for another year of solid economic performance, PTI reported.

"So, we are very pleased to have been able to present a story of sustained economic momentum combined with macroeconomic, financial and fiscal stability, and we look forward to another year of solid economic performance by India," he said while briefing the media.

India's economy grew by 6.1 per cent in the January-March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent on account of better performance by agriculture, manufacturing, mining and construction sectors.

In FY23, 7.2% economic growth is predicted for India. India's exceptional growth rates of 7.2% in FY23 and 6.1% in Q4 show that its economic narrative continues to emerge. Meanwhile, the growth of the eight core industries in April was 3.5% instead of 3.6% (MoM) and 10.4% (YoY). Here are the market analyst's reactions to GDP data.

Forecasts for normal monsoon season rains in the next four months could support the farm sector, which grew 5.5% year-on-year in the March quarter compared with an upwardly revised 4.7% in the previous quarter.

Data from the NSO revealed that India's per capital national income (net) rises to 98,374 crore in FY23, as against 92,583 crore in FY22.

Overall, in the mentioned fiscal year, the net national income stood at more than 136.04 lakh crore compared to nearly 126.71 lakh crore witnessed in FY22.

Reserve Bank Governor Shaktikanta Das recently stated that the growth rate for 2022-23 is projected to surpass the initial estimate of 7%.

"I will not be surprised if the GDP growth comes slightly above 7 per cent," said Das speaking at a Confederation of Indian Industry event here in New Delhi. He said this on the basis of strength in various macro fundamentals.

The National Statistical Office (NSO) had previously released a second advance estimate in February, indicating an anticipated growth of 7% for the fiscal year 2022-23, in contrast to the 8.7% growth in the preceding fiscal year.

(With inputs from agencies)



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Updated: 31 May 2023, 08:59 PM IST
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