India's GDP grows at 13.5% in Q1 FY2023, fastest in a year

As per data released by the Ministry of Statistics and Programme Implementation (MoSPI), India's Gross Domestic Product (GDP) growth during Q1 2022-23 was at a rate of 13.5%. 

Quarter one of 2022-23 is estimated to attain a level of Rs 36.85 lakh crores, as against Rs 32.46 lakh crores in Q1 2021-22.

"Nominal GDP or GDP at Current Prices in Q1 2022-23 is estimated at Rs 64.95 lakh crore, as against RS 51.27 lakh crore in Q1 2021-22, showing a growth of 26.7% as compared to 32.4% in Q1 2021-22," MoSPI said.

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Rating agency ICRA had projected that the Gross Domestic Product (GDP) is expected to grow at 13 per cent, while State Bank of India in its report pegged the growth rate at 15.7 per cent.

Last year, the GDP growth rate was 20.1 per cent in the April-June quarter.

Earlier this month, Reserve Bank of India had projected the real GDP growth projection for the Fiscal year 2022-2023 at 7.2 percent with Quarer one (Q1)- 16.2%, Q2-  6.2%, Q3 -4.1%, and Q4- 4% with risks broadly balanced.

RBI Governor Shaktikanta Das had said that the real GDP growth for Q1 of Fiscal Year 2023-24 is projected at 6.7%.

The central government's fiscal deficit touched 20.5 per cent of the annual target at the end of July 2022-23 against 21.3 per cent a year ago, reflecting improvement in public finance, as per official data released on Wednesday.

In actual terms, the fiscal deficit - the difference between expenditure and revenue - was Rs 3,40,831 crore during the April-July period this financial year.
 

India's GDP data for the April-June quarter of this fiscal year, gauging the country's economic growth, will be released by the National Statistical Office (NSO) later this evening.

The data would elaborate on the expansion of different sectors like agriculture and manufacturing in the first quarter of this financial year.

Many analysts believe the Indian economy will expand at a double-digit growth rate due to base effect.

Rating agency ICRA the Gross Domestic Product (GDP) is expected to grow at 13 per cent, while State Bank of India in its report pegged the growth rate at 15.7 per cent.

Last year, the GDP growth rate was 20.1 per cent in the April-June quarter.

Earlier this month, in its monetary policy meeting, the Reserve Bank of India (RBI) said the GDP growth rate is likely to be around 16.2 per cent in the first quarter of this fiscal year.