India's GDP grows 6.1% in Q4, 7.2% in FY23; Video of Raghuram Rajan & RaGa saying "India would be lucky to achieve 5% GDP" viral!

NewsBharati    01-Jun-2023 12:22:53 PM
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New Delhi, June 1: In a huge development, India's economy grew 6.1 per cent in the January-March (Q4) 2023, data released by the National Statistical Office (NSO) on Wednesday showed. And, the growth in real GDP during 2022-23 is estimated at 7.2 per cent, according to government data.
 
The GDP growth of the country was 4.5 per cent in October-December and 6.2 per cent in July-September 2022.
 
The growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22.
 
GDP 7.2%
 
Prime Minister Narendra Modi has expressed satisfaction about the 2022-23 GDP growth figures while seeing a promising trajectory for the economy of the country.
 
"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," he tweeted.
 
 
India's gross domestic product in the financial year 2022-23 could be more than the estimated 7 per cent, Reserve Bank of India Governor Shaktikanta Das said on May 24. "I will not be surprised if the GDP growth comes slightly above 7 per cent," said Das speaking at a Confederation of Indian Industry event in New Delhi.
 
The Economic Survey document for 2022-23 released earlier this year said that India may grow at 7 per cent. The Economic Survey has projected a baseline GDP growth of 6.5 per cent in real terms for 2023-24.
 
Indian stock markets opened Thursday's trade marginally higher and continued with positive momentum.
 
More than estimated GDP numbers in India, sustained foreign buying, and the US House of Representatives has passed the US debt ceiling bill indicating that the debt impasse will be resolved and will put less pressure on its economy are some of the major reasons which supported the stocks in domestic markets.
 
"There are many positives going in favour of the ongoing rally. One, the US House of Representatives has passed the US debt ceiling bill indicating that the debt impasse will be resolved. Two, the FPI investment in India continues with big investments during the last 3 days pushing the total investment in May to an impressive Rs 43838 crores," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
 
"Three, the Q4FY23 and full year FY23 GDP growth figures coming at 6.1 per cent and 7.2 per cent have impressively beaten the market expectations indicating that the FPI optimism is justified," Vijayakumar said.
 
Amid this, a video of ex-RBI Governor and supporter of Congress Raghuram Rajan and Congress leader Rahul Gandhi is going viral on the social media. In the video, Rajan claimed that the next year will be difficult for the Indian economy as also for the rest of the world and added that the country would be lucky to achieve a 5 per cent growth rate next year.