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.
The agriculture sector growth accelerated to 5.5 per cent from 4.1 per cent, official data showed on Wednesday.
Meanwhile, Chief Economic Adviser V Anantha Nageswaran said unseasonal rains are unlikely to impact sowing prospects of the Kharif crop.
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.
The economic expansion was recorded at 6.1 per cent during the March 2023 quarter, while it was 4.5 per cent in October-December and 6.2 per cent in July-September 2022.
The growth was 13.1 per cent in April-June 2022, as per the data released by the National Statistical Office (NSO).
The GDP had grown by four per cent in the January-March quarter of 2021-22.
The NSO, in its second advance estimate released in February, had projected the GDP growth for 2022-23 at seven per cent.
According to the NSO data, the real GDP prices in 2022-23 are estimated to attain a level of Rs 160.06 lakh crore against the first revised estimates of GDP of Rs 149.26 lakh crore for 2021-22.
"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," it stated.
Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to attain a level of Rs 272.41 lakh crore (USD 3.3 trillion), as against Rs 234.71 lakh crore
(USD 2.8 trillion) in 2021-22, showing a growth rate of 16.1 per cent, it added.
The GDP at Constant (2011-12) Prices in Q4 2022-23 is estimated at Rs 43.62 lakh crore against Rs 41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 per cent. The GDP at Current Prices in Q4 2022-23 is estimated at Rs 71.82 lakh crore compared to Rs 65.05 lakh crore in Q4 2021-22, a growth of 10.4 per cent.
Gross value added (GVA) growth during the fiscal ending March 2023 was 7 per cent against an 8.8 per cent growth in the preceding year. The GVA growth in the manufacturing sector accelerated to 4.5 per cent in the March 2023 quarter against 0.6 per cent a year ago.
GVA growth in mining was 4.3 per cent in the fourth quarter compared to 2.3 per cent in the same quarter of the previous fiscal. Construction grew 10.4 per cent in the quarter, up from 4.9 per cent in the corresponding period of 2021-22.
The electricity, gas, water supply and other utility services segment grew 6.9 per cent during the fourth quarter from 6.7 per cent in the year-ago period.
GVA growth in the services sector -- trade, hotel, transport, communication and services related to broadcasting -- was 9.1 per cent in the fourth quarter against a growth of five per cent a year ago.
Financial, real estate and professional services grew by 7.1 per cent in the March 2023 quarter compared to 5.7 per cent in the year-ago period.
Public administration, defence and other services posted 3.1 per cent growth in the quarter against 5.2 per cent expansion in the same quarter a year ago. As per the data, the discrepancies factored while computing the national income was Rs 3,80,964 crore in 2022-23, lower than Rs 4,47,182 crore in the previous fiscal.