India economic data: Gross Value Added growth in manufacturing sector rises to 4.5%, 5.5% in agriculture

With a robust 6.1 percent GDP growth rate in the fourth quarter of 2022-23, the Indian economy has beaten all the expectations including the Reserve Bank of India’s projection. The Gross Value Added (GVA) growth during the fiscal ending March 2023 was 7 percent against an 8.8 percent growth in the previous year. The GVA is a productivity metric that measures the contribution of a corporate subsidiary, company, or municipality to an economy or sector.

• The GVA growth in the manufacturing sector accelerated to 4.5 percent in the March 2023 quarter against 0.6 percent a year ago.
• GVA growth in mining was 4.3 percent in the fourth quarter compared to 2.3 percent in the same quarter of the previous fiscal. Construction grew 10.4 percent in the quarter, up from 4.9 percent in the corresponding period of 2021-22.
• The agriculture sector’s growth accelerated to 5.5 percent from 4.1 percent.
• The electricity, gas, water supply and other utility services segment grew 6.9 percent during the fourth quarter from 6.7 percent in the year-ago period.
• GVA growth in the services sector – trade, hotel, transport, communication and services related to broadcasting – was 9.1 percent in the fourth quarter against a growth of five percent a year ago.
• Financial, real estate and professional services grew by 7.1 percent in the March 2023 quarter compared to 5.7 percent in the year-ago period.
• Public administration, defence and other services posted 3.1 percent growth in the quarter against 5.2 percent expansion in the same quarter a year ago.
• As per the data, the discrepancies factored while computing the national income was Rs 3,80,964 crore in 2022-23, lower than Rs 4,47,182 crore in the previous fiscal.

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