Mint Explainer: What drove GDP growth in 2022-23?
- Trade, hotels, transport, communication and services related to broadcasting grew by 14%, but manufacturing growth was poor
In 2022-23 real gross domestic product (GDP) growth — which is adjusted for inflation — was at 7.2%, against 9.1% in 2021-22. This is 20 basis points higher than the Reserve Bank of India’s forecast of 7%. One basis point is a hundredth of a percent, or 0.01%. What can we make of these numbers? Mint takes a closer look.