India's GDP grows at 6.1% in January-March 2023: Govt data

The real gross domestic product (GDP) growth during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22, showed the recent data released by the Ministry of Statistics and Programme Implementation (MoSPI), on Wednesday. 

Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to attain a level of Rs 272.41 lakh crore, as against Rs 234.71 lakh crore in 2021-22, showing a growth rate of 16.1 per cent.

"In FY24, we expect the growth in gross tax revenue to witness some moderation on account of lower nominal GDP growth. On the non-tax revenue front, the RBI’s transfer of Rs 87,416 crore is positive compared with the transfer of Rs 30,307 crore in the last fiscal. Dividend pay-out from the RBI alone has exceeded the budgeted amount of Rs 48,000 crore from RBI, nationalised banks, and financial institutions collectively. This is expected to support the government finances in the current fiscal amid slow disinvestment receipts," said Rajani Sinha, Chief Economist, Care Ratings.

In the Union Budget, the government aimed to further bring down the fiscal deficit -- a key indicator of borrowing -- during the current financial year 2023-24 to 5.9 per cent of the gross domestic product (GDP). Unveiling the revenue-expenditure data of the Union government for 2022-23, the Controller General of Accounts (CGA) said the fiscal deficit in absolute terms was Rs 17,33,131 crore (provisional), marginally down from the amount projected in the Revised Estimates (RE) in the Budget.

CGA said the government received Rs 24.56 lakh crore (101 per cent of corresponding RE 2022-23 of total receipts) during 2022-23. It comprised Rs 20.97 lakh crore tax revenue (Net to Centre), Rs 2.86 lakh crore of non-tax revenue and Rs 72,187 crore of non-debt capital receipts.

Non-debt capital receipts consist of the recovery of loans and miscellaneous capital receipts. About Rs 9.48 lakh crore has been transferred to state governments as devolution of taxes by the central government, which is Rs 50,015 crore higher than the previous year (2021-22). The CGA data further revealed that the Centre's total expenditure was Rs 41.89 crore (100 per cent of corresponding RE 2022-23), out of which Rs 34.52 lakh crore was on the revenue account and Rs 7.36 lakh crore on the capital account.

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