The government has released the GDP figures for the fourth quarter. According to government data, the country’s GDP has been 6.1% in the fourth quarter. Earlier the country’s GDP was 4.4 percent. This GDP growth rate for the January-March quarter is better than the estimate of the Reserve Bank of India (RBI). RBI had expected the GDP growth rate to be 5.1 percent.
According to government data, the country’s economic growth rate (GDP growth rate) has been 7.2 percent in the entire financial year 2022-23. The Ministry of Statistics and Program Implementation has released GDP figures on Wednesday. The country’s economic growth rate in the financial year 2021-22 was 9.1 percent. Along with this, the government has also released the figures of fiscal deficit. The fiscal deficit of the government has come down. This too has been better than expected.
This is how the economy grew quarter by quarter
If we look at the figures of economic growth in the financial year 2022-23 on a quarterly basis, then in the April-June quarter, India’s economy registered a growth rate of 13.1 percent. While the growth rate was 6.2 percent in July-September and 4.5 percent in October-December.
The government has also released the revised figures for the last three quarters. The revised GDP growth rate has been 13.2 percent in the April-June quarter, 6.2 percent in the July-September quarter and 4.5 percent in the October-December quarter.
India’s GDP grows at 6.1 per cent in January-March 2023: Govt data
— Press Trust of India (@PTI_News) May 31, 2023
Government deficit has reduced so much
Earlier, the government also released the fiscal deficit figures for the financial year 2022-23. Between April 2022 and March 2023, the government’s fiscal deficit has come down to 6.4 percent of GDP. While the government had estimated that it would be equal to 6.7 percent of GDP.
Central government’s fiscal deficit for 2022-23 at 6.4 per cent of GDP: CGA data
— Press Trust of India (@PTI_News) May 31, 2023
Finance Minister Nirmala Sitharaman had also set a target of bringing down the fiscal deficit to 6.4 per cent of GDP in the general budget of the current financial year. Now the target has been kept to bring it to the level of 5.9 per cent of GDP by revising it. At the same time, the government’s effort is to bring it equal to 4.5 percent of GDP by 2025-26.
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These figures are going to boost the economy
Along with GDP, all the figures related to the country’s economy have also come. You can see them further.
- The growth of the country’s manufacturing sector has been 4.5 percent in the fourth quarter.
- The growth rate of the construction sector during this period is 10.4 percent.
- The mining sector grew at a rate of 4.6 percent in the fourth quarter.
- During this period, the growth rate of the service sector has been 6.9 percent.
- India’s industrial sector registered a growth of 6.3 percent in the fourth quarter.
- The agricultural growth rate in the country has been 5.5 percent in the January-March quarter.
- The per capita GDP in the financial year 2022-23 has been Rs 1,96,983.
unemployment rate decreased
India’s unemployment figures were high during the January-March quarter. The NSSO showed that the unemployment rate for persons aged 15 years and above in urban areas stood at 6.8 per cent during January-March 2023 as against 8.2 per cent in the same period last year. If experts are to be believed, there is a possibility of further improvement in it in the coming days.
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Inflation figures also improved
On the other hand, improvements are being seen at the local and global level. Inflation in March was at 5.60 per cent, while in the month of April the retail inflation came down to 4.70 per cent. This means that the tolerance level of RBI has been seen below 6 percent for two consecutive months. Due to inflation, RBI has increased interest rates by 2.50 percent from May 2022 to February 2023. There was no change in the interest rates in the month of April and a similar possibility is visible in the June cycle as well.
Source: www.tv9hindi.com
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