A compelling case for pragmatism
When Chinese President Xi Jinping landed in Macau, the world’s gambling capital, the air was thick with anticipation. Macau,often dubbed the “Las Vegas of the East,” is much more than a beacon of wealth and opulence.
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. The GDP growth of the country was 4.4 per cent in the October-December (Q3) 2022.
India’s GDP growth was 4.1 per cent in the fourth quarter of 2021-22 (FY22). According to the government data, 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.
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The Ministry of Statistics & Programme Implementation said in a release that real GDP or GDP at constant (2011-12) prices in the year 2022-23 is estimated to attain a level of Rs 160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore.
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“Nominal GDP or GDP at current prices in the year 2022-23 is estimated to attain a level of Rs 272.41 lakh crore, as against Rs 234.71 lakh crore in 2021-22, showing a growth rate of 16.1 per cent,” it said.
The release said that GDP at constant (2011-12) prices in Q4 2022-23 is estimated at Rs 43.62 lakh crore, as against Rs 41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 per cent.
“GDP at current prices in Q4 2022-23 is estimated at Rs 71.82 lakh crore, as against Rs 65.05 lakh crore in Q4 2021-22, showing a growth of 10.4 per cent.”
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.
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