India's Economy Grew At 4.4 Per Cent In Q3 Of FY23; GDP Growth Pegged At 7 Per Cent In Current Fiscal

India's economy grew by 4.4 per cent in the third quarter of the current fiscal, October-December, official data released on Tuesday (28 February) showed.

"GDP at Constant (2011-12) Prices in Q3 2022-23 is estimated at Rs 40.19 lakh crore, as against Rs 38.51 lakh crore in Q3 2021-22, showing a growth of 4.4 percent," the Ministry of Statistics and Programme Implementation said in a release on Tuesday (28 February).

Further, the GDP growth in FY23 has been estimated at 7 per cent.

"Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2022-23 is estimated to attain a level of Rs 159.71 lakh crore, as against the First Revised Estimate of GDP for the year 2021-22 of Rs 149.26 lakh crore," the ministry said.

The growth in GDP during 2022-23 is estimated at 7.0 percent as compared to that of 9.1 percent in 2021-22, it added.

The RBI had estimated the GDP growth for the October-December 2022 period at 4.4 per cent, and for the full year ending March 2023 at 7 per cent. 

According to a State Bank of India report, the GDP was projected to grow at 4.6 per cent in the third quarter of the current fiscal.

Meanwhile, the production of eight infrastructure sectors rose 7.8 per cent in January 2023 on a better show by coal, fertiliser, steel, and electricity segments, according to the official data released on Tuesday.

The production of Fertilisers, Coal, Electricity, Steel, Natural Gas, Cement and Refinery Products increased in January 2023 over the corresponding month of last year.

Crude oil output, however, contracted by 1.1 per cent in January as compared to the same month last year.

The production of eight key sectors rose by 7.4 per cent in December 2022.

The production of coal rose by 13.4 per cent, natural gas by 5.3 per cent, fertiliser by 17.9 per cent, petroleum refinery products by 4.5 per cent, steel by 6.2 per cent, cement by 4.6 per cent and electricity by 12 per cent in January 2023 compared to a year ago.

Meanwhile, India's fiscal deficit for April-January in Financial Year 2022-23 widened to Rs 11.91 lakh crore or 67.8 per cent of the revised annual target.

The fiscal deficit saw an increase from the 58.9 per cent that was reported during the same period of the previous year, reports Economic Times.

The total amount received was Rs 19.77 lakh crore while the overall expenditure from April to January stood at 31.68 lakh crore rupees -- 81.3 per cent and 75.7 per cent of the revised budget target for the current fiscal year, respectively.

Receipts of revenue totalled Rs 19.20 lakh crore rupee, with tax revenue accounting for Rs 16.89 lakh crore and non-tax revenue representing Rs 2.31 lakh crore.

Revised estimates showed that 80.9 per cent and 88.2 per cent of revenues were from taxes and non-taxes respectively, whereas the figures in the preceding year had been 87.7 per cent and 92.9 per cent.

Data indicated that revenue deficit was Rs 6.78 lakh crore, which accounted for 61 per cent of the year's budget target.

The total receipts not including borrowings for the current fiscal year is Rs 24.3 lakh crore with a net tax contribution of Rs 20.9 lakh crore and the total expenditure stands at Rs 41.9 lakh crore, with capital expenditure being Rs 7.3 lakh crore.