GDP Figures Show Resilience of Economy Despite Global Challenges: PM Modi

The growth of 7.2 per cent in India's gross domestic product (GDP), during fiscal year 2022-23, shows that India's economy is resilient despite the global headwinds, Prime Minister Narendra Modi said on Wednesday.

The official data showed that 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.

Prime Minister Narendra Modi expressed satisfaction about the 2022-23 GDP growth figures while seeing a promising trajectory for the economy of the country.

"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," he tweeted.

The growth propelled the Indian Economy to USD 3.3 trillion and set the stage for achieving USD five trillion target in the next few years.

In the previous 2021-22 fiscal, the economy grew by 9.1 per cent.

Based on the data from the NSO, it is projected that the real GDP prices for the fiscal year 2022-23 will reach Rs 160.06 lakh crore. This figure surpasses the first revised GDP estimates of Rs 149.26 lakh crore for the previous fiscal year 2021-22.

The statement mentioned that the growth rate of real GDP for 2022-23 is estimated at 7.2 per cent, which is lower than the 9.1 per cent growth recorded in 2021-22.

The estimated nominal GDP or GDP at current prices for the fiscal year 2022-23 is projected to reach Rs 272.41 lakh crore (USD 3.3 trillion), compared to Rs 234.71 lakh crore (USD 2.8 trillion) in 2021-22, indicating a growth rate of 16.1 per cent.

Furthermore, the GDP at constant (2011-12) prices in the fourth quarter of 2022-23 is estimated at Rs 43.62 lakh crore, exceeding the figure of Rs 41.12 lakh crore in the fourth quarter of 2021-22, showcasing a growth rate of 6.1 per cent.

It has to be noted that China registered an economic growth of 4.5 per cent in the first three months of 2023.