India’s economic growth increases to 6.1% in Q4FY23 beats estimates

New Delhi, June 1 (KNN) Beating all estimates the Indian economy grew 6.1 per cent in the fourth quarter of the last fiscal, as per the government data released on Wednesday.

This took the growth rate for 2022-23 to 7.2 per cent, lower than the 9.1 per cent expansion in the previous fiscal.

The growth was boosted by a 5.5 per cent expansion in agriculture and a 4.5 per cent growth in manufacturing.

Other sectors of the economy — construction, services and mining — also saw good growth rates.

During the March 2023 quarter, the economic expansion was recorded at 6.1 per cent.

While it was 4.5 per cent in October-December and 6.2 per cent in July-September 2022.

The growth was 13.1 per cent in April-June 2022. High-frequency indicators showed the economy gaining momentum in April thanks to higher tax collections and a booming services sector.

But exports and imports declined, smudging the outlook. Barring the monsoon and geo-political risks, the economy may exceed the initial estimate of 6.5 per cent for the current fiscal (April 2023 to March 2024).  (KNN Bureau)