India Remains Fastest Growing Major Economy, GDP Grows At 7.2% In Financial Year 2022-23

India remained fastest growing major economy of the world for financial year 2022-23. For financial year 2022-23 India's gross domestic product (GDP) grew 7.2 per cent compared with 9.1 per cent in the previous financial year. In the fourth quarter of previous fiscal India recorded growth rate of 6.1 per cent, data from national Statistical Office showed on Wednesday.

India's economic growth had slowed to 4.4 per cent in the third quarter compared with growth of 6.3 per cent in the second quarter of last fiscal year.

"Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated to attain a level of Rs 160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of Rs 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," Ministry of Statistics & Programme Implementation said in a press release.

The Reserve Bank of India in its annual report released on Tuesday had pegged India's growth rate at 7 per cent for financial year 2022-23 and the government's Economic Survey, which was presented a day ahead of Budget, had predicted growth rate of 6.8 per cent.

Separate government data showed that fiscal deficit for the financial year 2022-23 touched Rs 17.3 lakh crore, around 99 per cent of the revised annual estimate..

The union government met its fiscal deficit target of 6.4 per cent of the GDP on the back of higher tax revenue even as spending increased, as per a statement.

Net tax receipts through April-March were Rs 20.97 lakh crore or 100.5 per cent of the annual revised estimate and 15.2 per cent higher than the previous financial year, according to the data.