The government has released the GDP figures for the fourth quarter. According to government data, the country’s GDP has been 6.1% in the fourth quarter. Earlier the country’s GDP was 4.4 percent. This GDP growth rate for the January-March quarter is better than the estimate of the Reserve Bank of India (RBI). RBI had expected the GDP growth rate to be 5.1 percent.
According to government data, the country’s economic growth rate (GDP growth rate) has been 7.2 percent in the entire financial year 2022-23. The Ministry of Statistics and Program Implementation has released GDP figures on Wednesday. The country’s economic growth rate in the financial year 2021-22 was 9.1 percent. Along with this, the government has also released the figures of fiscal deficit. The fiscal deficit of the government has come down. This too has been better than expected.
Growth will continue in FY 2024 as well
The Reserve Bank of India said on Tuesday that India’s growth rate is likely to increase rapidly in the current financial year (2023-24). The RBI said in its report that there are very adverse conditions going on at the global level, even after that India’s economy is expected to remain strong. In the financial year 2022-23, the real GDP can remain up to 7 percent. However, it has been said in the RBI report that due to the global slowdown, prolonged geo-positive tension and possible volatility in the financial market, growth may be negative.
decreased government deficit
Along with this, the fiscal deficit figures for the financial year 2022-23 have also been released. Between April 2022 and March 2023, the government’s fiscal deficit has come down to 6.4 percent of GDP. While the government had estimated that it would be equal to 6.7 percent of GDP.
Finance Minister Nirmala Sitharaman had also set a target of bringing down the fiscal deficit to 6.4 per cent of GDP in the general budget of the current financial year. Now the target has been kept to bring it to the level of 5.9 per cent of GDP by revising it. At the same time, the government’s effort is to bring it equal to 4.5 percent of GDP by 2025-26.
unemployment rate decreased
India’s unemployment figures were high during the January-March quarter. The NSSO showed that the unemployment rate for persons aged 15 years and above in urban areas stood at 6.8 per cent during January-March 2023 as against 8.2 per cent in the same period last year. If experts are to be believed, there is a possibility of further improvement in it in the coming days.
Inflation figures also improved
On the other hand, improvements are being seen at the local and global level. Inflation in March was at 5.60 per cent, while in the month of April the retail inflation came down to 4.70 per cent. This means that the tolerance level of RBI has been seen below 6 percent for two consecutive months. Due to inflation, RBI has increased interest rates by 2.50 percent from May 2022 to February 2023. There was no change in the interest rates in the month of April and a similar possibility is visible in the June cycle as well.
Source: www.tv9hindi.com”