India’s gross domestic product (GDP) growth has surpassed expectations for the fiscal year 2022-23, hitting 7.2%. This figure is 20 basis points higher than the government’s second advance estimate of 7% and comes as a result of a better-than-expected performance in the fourth quarter of the fiscal year. The driving forces behind this growth were services, exports, and agriculture.
According to the Statistics Ministry’s provisional estimate, India’s GDP growth is expected to continue at this rate for the next fiscal year. This is great news for the economy, which has been hit hard by the COVID-19 pandemic.
The unexpected growth in GDP shows that India’s economic recovery is gaining momentum, particularly in the services sector and agriculture. Exports have also contributed significantly to this growth, with many countries relaxing their trade restrictions.
India’s success in achieving a higher than expected GDP growth is an important milestone, and experts believe that it provides a much-needed boost to the country’s economy as it continues to navigate the ongoing pandemic.
Overall, India’s GDP growth has shown that the country has the necessary resources, infrastructure, and robust fundamentals to emerge from the pandemic on a stronger footing. It also showcases the potential for continued economic growth and the importance of prioritizing industries such as agriculture, services, and exports.
