New Delhi (India), June 1, 2023: According to government figures released on Wednesday, India’s GDP increased by 7.2 percent in FY2022-23, compared to 9.1 percent in the previous fiscal year.
Despite somewhat lower GDP growth than the previous year, India remains one of the fastest-growing economies among major global participants.
GDP growth for FY2022-23 is projected to be 7.2%, which is higher than the 7% median estimate in a Bloomberg survey and the government’s forecast provided three months ago.
The expansion boosted the Indian GDP to $3.3 trillion, setting the scene for a $5 trillion ambition in the coming years.
According to the National Bureau of Statistics, China’s GDP grew by 4.5 percent year on year during the same period, while the United States grew by an mere 1.1 percent.
Prime Minister Narendra Modi expressed delight with the GDP estimates, stating that they demonstrate the Indian economy’s resilience in the face of global pressures.
The Prime Minister stated on Twitter, “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.”
