India's GDP Grows 6.1% In January-March Quarter

India's gross domestic product (GDP) growth in the January-March quarter surged 6.1% as against 4.4% in the previous quarter, according to the National Statistical Office (NSO) release on Wednesday.

India's GDP grew at 7.2 % in FY2022-23 as compared to 9.1% in FY2021-22, it added.

Meanwhile, the Ministry of Statistics and Programme Implementation (MoSPI) said that country's nominal GDP or GDP at current prices in FY2022-23 rose at a rate of 16.1 %. For the March quarter, India's GDP at current prices registered a growth of 10.4%, MoSPI said.

Earlier, the Reserve Bank of India (RBI) in its annual report for financial year 2022-23 stated that India's growth momentum is expected to be sustained in 2023-24 amid easing inflationary pressures despite challenges from an uninspiring global outlook.

RBI expected Q4FY23 real GDP growth to be 5.1% and SBI Research anticipated the growth rate to be at 5.5%.

According to a Reuters poll, Indian economy was estimated to grow at 5% in the January-March quarter on a year-on-year basis, as a result of steady urban demand and government spending.