India GDP Q4 Growth Highlights: Indias economic growth at 6.1% in Q4, full-year expansion at 7.2%
The countrys gross domestic product (GDP) data for the January-March quarter (Q4FY2023) as well as fiscal 2022-23 today (May 31) has been released today.
India GDP Data Highlights: India's GDP in the January-March quarter rose to 6.1 per cent from 4.0 per cent a year ago, as per the data released by the Ministry of Statistics and Programme Implementation (NSO) today (May 31). The data shows that the 2022-23 fiscal growth for the GDP was 7.2 per cent as against 9.1 per cent in the previous fiscal.
As per a Reuters report, the Indian economy grew by 5 per cent in the January-March quarter from a year earlier, accelerating from 4.4 per cent in the previous quarter due to steady urban demand and government spending.
"Slowing global growth, protracted geopolitical tensions, and a possible upsurge in financial market volatility" could pose downside risks to economic growth, the Reserve Bank of India warned in its annual report on Tuesday.
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India GDP Q4 LIVE Updates: What expert says about India's Q4 GDP numbers
Sunil Damania, Chief Investment Officer, MarketsMojo, said that the GDP numbers released today are good but uncertainly over the Indian economy still looms large.
According to recent data, India's GDP for the January to March quarter has exceeded expectations, growing at a rate of 6.1 per cent compared to the estimated growth of just above 5 percent. This positive development is certainly good news for the Indian economy. However, there are ongoing challenges for the fiscal year 2024, as the global economy is slowing down, leading to lower exports for India over the past three months. The lack of strong private capital expenditure also poses a hurdle for sustaining the same growth pace as in the previous fiscal year. In fact, several agencies have revised India's GDP forecast downward, and the uncertainty surrounding the monsoon further adds to potential headwinds that the Indian economy might face in FY2024.
India GDP Q4 LIVE Updates: What expert says about India's GDP numbers
Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares and Stock Brokers
"The GDP growth for the quarter ending March 2023 and the year 2022-23 surprised positively. The main reason for the better-than-expected performance has been significant traction in fixed investment investment and exports on the demand side and construction and trade, hotel & hospitality on the supply side. Private consumption remains the main source of disappointment. Going forward, we expect India's growth to remain around 6% for the financial year ending March 2024. Despite the likely slow down during the current financial year, we expect at least modest pickup in private consumption demand. The compulsions of fiscal consolidation can depress final consumption demand by the government. Barring better-than-expected acceleration in private capital expenditure, we would also expect deceleration in the growth of fixed investment."
India GDP Q4 LIVE Updates: What expert says about India's GDP numbers
Raghvendra Nath, MD, Ladderup Wealth Management Pvt. Ltd., said, "India’s GDP growth for FY23 came in at 7.2% vs 9.1% in FY22, better than the market expectations and RBI’s estimate of 7%. Among the major world economies, India is growing at one of the fastest rates. Real GDP for FY22-23 at constant prices is estimated to be around Rs 160.06 lakh crore. Per Capita GDP of India grew by 6.1% to Rs 1.15 lakh. GDP growth for Q4 was 6.1% vs a market expectation of 5.5%. The GDP growth was led by the construction sector, which grew at the fastest pace of 10.4%, followed by trade, hotels and transportation, growing at 9.1%. The domestic economy is showing strong resilience against the global turmoil as well as monetary tightening as reflected in the strong GDP growth.”
India GDP Q4 LIVE Updates: PM Modi says robust GDP performance exemplifies promising trajectory of India's economy
Prime Minister Narendra Modi was gung-ho about the new GDP numbers, which exceeded expectations. He said in a tweet: "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."
India GDP Q4 LIVE Updates: What expert says about India's GDP numbers
Amit Jain, CMD, Arkade Group, said positive GDP numbers will encourage a status quo on policy rates. "Q4 FY23 GDP at 6.1% is above the expected lines. The growth rate for FY23 at 7.2 percent is also marginally higher than the consensus. Construction, Finance, Trade and Hospitality sectors have contributed positively to GDP growth. The positive GDP data will encourage a status quo on policy rates as well as the policy stance. Going forward these factors and improving sentiment will positively impact demand in sectors like housing and real estate."
India GDP Q4 LIVE Updates: What expert says about India's GPD numbers
Mohit Ralhan, Chief Executive Officer, TIW Capital, says the March quarter numbers establish India among the fastest-growing economies in the world. "The March quarter growth has come out better than estimates, cementing India's position among the fastest-growing major economies of the world. The economy grew 6.1% YoY in Q4 FY 2023, much higher than 4.5% YoY in the previous quarter. The most critical was the growth in private investment activity. Gross fixed capital formation was up 8.9%, becoming the major growth driver while government expenditure took a back seat."
He said that the agriculture and manufacturing sectors boosted India's growth in the fourth quarter. "Robust exports and lower imports also helped growth as the trade balance came in largely flat in the fourth quarter. Agriculture grew 5.5% while manufacturing growth came in at 4.5%, a substantial improvement after two consecutive quarters of decline. Construction and other contact-intensive services continued to demonstrate robust growth. It augurs well for the coming quarters. While RBI expects growth to moderate to 6.5% YoY in FY 2024 owing to global factors, still, India will remain amongst the fastest growing major economy in the world and may surprise on the upside."
India GDP Q4 LIVE Updates: What expert says about GPD numbers
Ms. Anitha Rangan, Economist, Equirus, says, "India FY23 GDP came in at 7.2%, much higher than street estimate of sub-7% and second advance estimate of 7%, indicating that India growth despite external headwinds is going strong. GVA alongside came in at 7%. From the industry side, the revision comes from better-than-expected agriculture output and mining and an upward revision in manufacturing with some revival in Q4 manufacturing, perhaps led by net exports showing some upside (lower oil, rupee weakness)."
Speaking about the consumption factor, she said, "From the expenditure side, the upside is from private consumption and capex which are higher than estimate while government consumption is slower. Net exports was also better than expected. This is again a reflection of on-ground activities wherein domestic demand is resilient, and government continues to heavy lift the capex spending while government is trying to cap its revenue spending consciously to curtail fiscal deficit."
She further said, "Overall, better than expected GDP data is again a testimony of India’s economic resilience when rest of the world is on a recession or slowdown path. While external headwinds continue to persist, India is likely to remain the shining star into this year and beyond."India GDP Q4 LIVE Updates: Capex to drive growth in FY24: CEA
Chief Economic Adviser V Anantha Nageswaran says Capex will drive the growth of the country in FY23-24.
India GDP Q4 LIVE Updates: Rural demand is improving: CEA
Chief Economic Adviser V Anantha Nageswaran says rural demand in the current fiscal year is improving.
India GDP Q4 LIVE Updates: Private sector capital formation is beginning to unfold: CEA
Chief Economic Adviser V Anantha Nageswaran says private sector capital formation is beginning to unfold as indicated by March financial number.
India GDP Q4 LIVE Updates: India poised for another year of solid economic performance: CEA
Chief Economic Adviser V Anantha Nageswaran opines that India's growth prospects look brighter and the country is poised for another year of solid economic performance.
India GDP Q4 LIVE Updates: Good crop harvest and easing commodity prices to moderate inflation: CEA
Chief Economic Adviser V Anantha Nageswaran says good crop harvest and easing commodity prices will moderate India's inflation in 2023-24.
India GDP Q4 LIVE Updates: Expect an upward revision of 2022-23 GDP numbers: CEA
Chief Economic Adviser V Anantha Nageswaran says an upward revision of 2022-23 GDP numbers are expected, 6.5 per cent GDP growth in 2023-24. He says he also sees risks evenly balanced.
India GDP Q4 LIVE Updates: Inflation expected to moderate to 5% in current financial year: CEA
Chief Economic Adviser V Anantha Nageswaran says inflation in the country is expected to moderate to 5% in current financial year
India GDP Q4 LIVE Updates: What expert says about GDP numbers
Suman Bannerjee, CIO, Hedonova, a US-based Hedge Fund, said: "The GDP figures surpassing expectations doesn't surprise me. The Rupee has shown relative weakness against the dollar over the past year, while there's been a significant upsurge in export volumes. Moreover, we have been able to decrease our oil import expenses due to our advantageous ties with Russia. This scenario has resulted in a decrease in the balance of payments account, thus contributing to a boost in GDP. I am also inclined to agree with the projected 7% growth for the forthcoming year. The Reserve Bank of India has performed admirably by controlling inflation and maintaining relatively lower interest rates. An environment characterised by moderate inflation and low interest rates fosters business activities, which I believe will contribute to a GDP growth of 7.5% in the coming year."
India GDP Q4 LIVE Updates: What expert says about GDP numbers
Rajani Sinha, Chief Economist, Care Ratings on Central Government Finances for FY23, said: "The Centre has stayed on the path of fiscal consolidation meeting the fiscal deficit target at 6.4% of GDP in FY23. Upbeat gross tax collections and thrust on capex have been the major highlights of the Centre’s fiscal performance during the year. Post-pandemic rebound and healthy economic activities supported the buoyancy in gross tax collections. Despite the high subsidy outgo, the quality of expenditure has improved as seen in the lower revenue expenditure to capital expenditure ratio at 4.7 in FY23 compared with 5.4 in the previous fiscal.
"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."India GDP Q4 LIVE Updates: What expert says about GDP numbers
Ritika Chhabra, Quant Macro Strategist, Prabhudas Lilladher PMS, is suprised about the GDP numbers released today. “The Q4 growth number is a big surprise. In particular, on production side, agriculture growth at 5.5% is much better than expected, despite the unseasonal rains we saw in the January-March period. The services growth has come on expected lines, supported by robust growth in trade, hotels and financial services. On expenditure side, the major contributor to the growth is capital formation (at 8.9%) driven by investment expenditure by the government. However, a mere 2.8% growth in private consumption expenditure indicates waning private sector demand, which is a concern.”
India GDP Q4 LIVE Updates: India's FY23 growth numbers (GVA)
Gross value added at basic prices saw a growth of 7 per cent, going down from 8.8 per cent in FY22.
India GDP Q4 LIVE Updates: India's FY23 growth numbers (Government final consumption)
Government final consumption expenditure in the FY22-23 fiscal jumped to Rs 1,577,306 crore from Rs 1,575,281 crore in FY 21-22.
India GDP Q4 LIVE Updates: India's FY23 growth numbers (private sector consumption)
Private final consumption expenditure in FY22-23 fiscal saw a jump to Rs 93,58,694 crore from Rs 87,03,541 crore in FY 21-22.
India GDP Q4 LIVE Updates: India's Q4 growth numbers (Manufacturing)
India's manufactruing sector saw a decline in Q4, to 1.3 per cent from 11.1 per cent in the year-ago period.
India GDP Q4 LIVE Updates: India's Q4 growth numbers (Electricity consumption)
India's electricity consumption growth was 9 per cent in Q4 against 9.9 per cent from the corresponding period last year.
India GDP Q4 LIVE Updates: India's Q4 growth numbers (Agriculture)
India's agriculture sector grew 4 per cent in Q4 as against 3.5 per cent from the year-ago peiord.
India GDP Q4 LIVE Updates: India's growth numbers (July-September growth revised)
After the GDP results, the growth for the July-Septmeber period has been revised to 6.2 per cent from 6.3 per cent
India GDP Q4 LIVE Updates: India's FY23 growth numbers (nominal GDP)
India's nominal GDP growth for FY22-23 was 16.1 per cent. It is estimated to reach a level of Rs 272.41 lakh crore.
India GDP Q4 LIVE Updates: India's FY23 growth numbers (capital formation)
Capital formation growth for the fiscal year was 11.4 per cent.
India GDP Q4 LIVE Updates: India's FY23 growth numbers (per capita GDP)
The country's per capita GDP in FY23 is Rs 1,96,983.
India GDP Q4 LIVE Updates: India's Q4 growth numbers (construction sector)
India's construction sector growth for the fourth quarter is 10.4 per cent.
India GDP Q4 LIVE Updates: India's Q4 growth numbers (industry)
India's industry growth for the fourth quarter is 6.3 per cent.
India GDP Q4 LIVE Updates: India's FY23 growth numbers (nominal GDP)
India's nominal GDP growth for FY23 is 16.1 per cent.
India GDP Q4 LIVE Updates: India's Q4 growth numbers (October-December growth revised)
India's October-December growth has been revised to 4.5 per cent
India GDP Q4 LIVE Updates: India's Q4 growth numbers (coal production)
The country's coal production slides to 9 per cent in April
India GDP Q4 LIVE Updates: India's Q4 growth numbers (fertiliser, steel and cement outputs)
India's fertiliser output production jumped 23.5 per cent, steel was up 12.1 per cent while cement jumped 11.6 per cent in April
India GDP Q4 LIVE Updates: India's Q4 growth numbers (farm sector)
Q4 farm sector grows at 5.5 per cent
India GDP Q4 LIVE Updates: India's Q4 growth numbers (manufacturing)
Q4 manufacturing grows at 4.5 per cent
India GDP Q4 LIVE Updates: India's Q4 growth numbers (GVA)
Q4 GVS grows at 6.5 per cent
India GDP Q4 LIVE Updates: India's FY23 economic growth numbers (mining sector)
FY23 mining sector grows at 4.6 per cent
India GDP Q4 LIVE Updates: India's FY23 economic growth numbers
FY23 nominal GDP grows at 16.1 per cent
India GDP Q4 LIVE Updates: India's economic growth at 6.1% in Q4, FY22-23 expansion at 7.2%
The government has released the GDP data for the January-March quarter and FY22-23. The GDP gowth for Q4 has been recorded at 6.1 per cent, a jump from 4 per cent from a year-ago period. The GDP growth for FY22-23 fiscal, meanwhile, has been recorded at 7.2 per cent, against a 9.1 per cent expansion in the previous fiscal.
India GDP Q4 LIVE Updates: Revenue deficit for 2022-23 at 3.9% of GDP, as per CGA data
CGA on Wedesday said the revenue deficit worked out to be 3.9 per cent of the GDP, while the effective revenue deficit was 2.8 per cent of the GDP.
India GDP Q4 LIVE Updates: Centre's fiscal deficit for 2022-23 at 6.4% of GDP, says CGA data
Unveiling the revenue-expenditure data of the central government for 2022-23, the CGA said that the fiscal deficit in absolute term was Rs 17,33,131 crore (provisional).
India GDP Q4 LIVE Updates: Centre's fiscal deficit for 2022-23 at 6.4% of GDP, says CGA data
The fiscal deficit for the fiscal year 2022-23 is 6.4 per cent of the GDP, as per the projection of the finance ministry in its revised budget estimates, according to government data released on Wednesday.
India GDP Q4 LIVE Updates: Coal output increases, crude oil output decreases in April
Coal output increases 9 per cent (YoY)
Crude Oil output decreases 3.5 per cent (YoY)
Petroleum Refinery Output decreases 1.5 oer cent (YoY)
Fertiliser Output increases 23.5 per cent (YoY)
Steel Output increases 12.1 per cent (YoY)
Electricity output decreases (YoY)
8 core industries growth decreases from 3.6 per cent to 3.5 per cent (YoY)India GDP Q4 LIVE Updates: What is RBI's growth estimate for 2022–23 fiscal year?
The Reserve Bank of India's official growth estimate for the full 2022–23 fiscal year is 7 per cent. It can be revised depending on the GDP numbers, which will be released today at 5:3- PM.
India GDP Q4 LIVE Updates: RBI to expand ongoing pilots in CBDC at retail, wholesale levels
The RBI's annual report says that it is planning to expand its ongoing pilots in central bank digital currency (CBDC) at the retail and wholesale levels.
India GDP Q4 LIVE Updates: What RBI report says about monetary policy
The annual report of the RBI says the monetary policy remains focused on accommodation withdrawal to ensure that inflation aligns with the target while supporting growth.
India GDP Q4 LIVE Updates: What RBI report says about India's Current Account Deficit
The RBI's annual report says that the Current Account Deficit (CAD) is expected to stay moderate on the back of the salubrious impact of moderation in commodity prices of imports, and robust services exports.
India GDP Q4 LIVE Updates: What RBI's annual report says about Indian economy
Talking about India's inflation, the RBI annual report says that risks to inflation have moderated with downward corrections in global commodity and food prices and an easing of the pass-through from high input cost pressures last year.
India GDP Q4 LIVE Updates: What RBI's annual report predicts about Indian economy
The RBI's 2022–23 annual report, which was released on May 30, also said that resilient domestic macroeconomic and financial conditions, expected dividends from past reforms, and new growth opportunities from global geo-economic shifts put India in an advantageous position.
India GDP Q4 LIVE Updates: Indian GDP's Q4 and FY23 numbers to be released today
The central government's Ministry of Statistics and Programme Implementation (NSO) is set to release the Indian economy's GDP numbers at 5:30 PM today. As per a Reuters report, the country's economy rose 5 per cent in the January-March quarter from a year ago. The Reserve Bank of India in its annual report has warned that factors like 'slowing global growth, protracted geopolitical tensions, and a possible upsurge in financial market volatility' could affect India's economic growth. Zee Business Digital will bring you Live updates of the developments regarding the GDP numbers. Stay tuned with us!
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