India's GDP Grows 6.1% in January-March Quarter, 7.2% in FY23

'Growth in real GDP during 2022-23 is estimated at 7.2% as compared to 9.1% in 2021-22,' the government said.

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The Indian economy grew by 7.2 percent in the last financial year, according to official data released by the government on Wednesday, 31 May.

This figure is lower than the 9.1 percent growth rate of FY 2021-22.

The official data stated that the economy grew by 6.1 percent in the January to March quarter, marking a rise after a slump in the last two quarters. "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," the government stated.

Trade, hotels and transport sectors marked the highest rate of growth at 14 percent.

In the March quarter, the country's manufacturing sector grew by 4.5 percent on-year. The farm sector, on the other hand, expanded by 5.5 percent.

Meanwhile, electricity, gas, water supply and other utility services saw a growth rate of 6.9 percent.

Earlier, Reserve Bank of India Governor Shaktikanta Das had said that the central bank expected the FY23 growth rate to exceed 7 percent.