Q1 FY 2023 GDP: Indian economy grows in double digits at 13.5%
For the current financial year, the RBI in its latest policy meeting, forecasted a growth of 7.2%. For the different quarters of the year, its growth projections are 6.2% for Q2, 4.1% for Q3 and 4.0% for Q4.
New Delhi: Amid fears of bear phase setting in globally, the Indian economy registered a robust growth in the first quarter i.e. April-June quarter of the financial year 2022-23.
India’s GDP grew in double digits and recorded a growth of 13.5% in the Q1 of FY23, govt data showed on Wednesday .
This comes in line with the prediction by rating agencies & analysts who forecasted a growth in the range of 13-16.2% for the FY2023. The Reserve Bank of India (RBI) had predicted the GDP growth rate to touch 16.2 per cent in Q1 FY23.
“Real GDP at Constant (2011-12) Prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 per cent as compared to 20.1 per cent in Q1 2021-22,” Ministry of statistics said.
The 13.5% growth comes as the much-needed ‘booster dose’ for the economy as the GDP rate in the last quarter i.e Q4 of FY 2022 was about 4.1%. The financial year however was better, registering an overall growth rate of 8.7%.
Good growth numbers in 1st quarter of FY 2023 marks the fastest growth in this year and sets the stage for further consolidation, however, the pace may slow down over strings of interest rate hikes by the Central Bank.
For the current financial year, the RBI in its latest policy meeting, forecasted a growth of 7.2%. For the different quarters of the year, its growth projections are 6.2% for Q2, 4.1% for Q3 and 4.0% for Q4.