Current Trends in Indian Economy
GDP expanded 6.1% in 2022-23’s last quarter
- India’s GDP growth accelerated to 6.1% in the January to March 2023 quarter, the economy’s expansion in 2022-23 to 7.2% according to the provisional national income data released by the National Statistical Office (NSO)
Note
- GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time (normally a year).
- India is the 5th largest economy in terms of GDP ranking of countries.
Fiscal deficit narrows to 6.4%
- The Centre’s fiscal deficit narrowed to 6.4% of the GDP in 2022-2023.
- The Controller General of Accounts (CGA) said the fiscal deficit in absolute terms was Rs.17,33,131 crore (provisional).
Note
- Fiscal deficit = Total Expenditure – Total revenue (Excluding the borrowings).
