India’s GDP grew at 13.5% in the Q1 of FY23, Infrastructure output fell to 4.5% in July

Indian rupee notes
Indian rupee notes (MeelBijendra/Gitika)

The Gross Domestic Product (GDP) figures were released by the Government of India on 31 August 2022, in which India’s GDP grew at the rate of 13.5% in Q1 of FY23 while GDP grew by 20.1% in Q1 of FY22. The Reserve Bank of India (RBI) has increased its benchmark repo rate by 140 basis points with effect from May 2022 by 50 basis points in every consecutive meeting.

The Reserve Bank of India’s GDP estimate for the first quarter of FY23 was 16.2%. Infrastructure production in India fell to 4.5% in July 2022 from 13.2% in June 2022. In Q1 of FY23, the growth in services reached 17.6%, while the growth rate of industries stood at 8.6%.

MoSPI (Ministry of Statistics and Programme Implementation) said that the nominal GDP or GDP at current prices in the first quarter of FY23 is estimated at Rs 64.95 trillion

According to stock exchange data, foreign portfolio investors (FPI)had sell-off about $27 billion in the Indian market from early January 2022 to June 2022, but domestic institutional investors (DII) supported the market by investing up to $30 billion.

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