India’s National Statistical Office (NSO) has released the country’s Gross Domestic Product (GDP) data for the January-March quarter (Q4FY2023). The results exceeded expectations, revealing that GDP growth rose to 6.1% during this period compared to the 4.4% growth rate seen in the previous quarter (Q3). Overall, the economic growth for the fiscal year (FY23) was better than expected, with a growth rate of 7.2%, compared to a predicted growth of 5.5% for Q4. The Controller General of Accounts (CGA) also released the fiscal deficit data for FY23 during this time, indicating a narrowing of the fiscal deficit to 6.4% of the GDP year on year (YoY). This was aided by buoyant tax receipts and lower payments, which helped to meet budget gap targets. The Indian government is targeting further deficit reductions for the fiscal years 2023-24 and aims to reach a fiscal deficit level below 4.5% of the GDP by 2025-26.
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