India's GDP growth surges to 7.2%, Twitterati hails Modi govt

Manufacturing’s gross value added (GVA) rose by 4.5 percent year-on-year (YoY) in January-March, after posting a contraction in the last two quarters.

Economy Twitter was all praises for the Modi government as India's gross domestic product for the financial year 2022-2023 broke estimates.

According to the NSO data released on May 31, India's economy grew by 6.1 percent in the January-March quarter, pushing the annual growth rate to 7.2 percent on account of better performance by agriculture, manufacturing, mining, and construction sectors.

The growth has propelled the Indian Economy to $3.3 trillion and set the stage for achieving a $5 trillion target in the next few years. In the previous 2021-22 fiscal, the economy grew by 9.1 percent.

Meanwhile, China has registered an economic growth of 4.5 percent in the first three months of 2023.

Commenting on the GDP growth, several users highlighted India's resilience amid global woes and geopolitical tensions arising from Ukraine war.

Projecting that Nifty will become Sensex in next 10 years, Gurmeet Chadha, CIO & Managing Partner, Complete Circle Wealth tweeted, "FY23 GDP growth China 3%, US 2.1%,Germany 1.9%, UK 4.1%, INDIA 7.2%. Nifty will become Sensex in next 10 years. Think long term !"

FY23 GDP growth
China 3%
US 2.1%
Germany 1.9%
UK 4.1%

INDIA 7.2%

Nifty will become Sensex in next 10 years. Think long term !

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— Gurmeet Chadha (@connectgurmeet) May 31, 2023

Investor D.Muthukrishnan hailed PM Modi for the GDP growth overshoot.

Fiscal deficit well within estimates. GDP growth overshooting estimates. Kudos @narendramodi @nsitharaman

— D.Muthukrishnan (@dmuthuk) May 31, 2023

Moreover, author, investor and economist Harsh Madhusudan posted a thread highlighting that the better-than-expected GDP growth will make India touch or cross $5 trillion by early 2025. "India is going to grow much faster than expected, especially at market exchange rates," he added.

With India’s latest FY/Q GDP numbers coming better than expected, let me reiterate that India FY25 almost touching or crossing $5T at early 2025 exchange rates has at least an even probability. India is going to grow much faster than expected, especially at market exchange rates.

— Harsh Madhusudan (@harshmadhusudan) May 31, 2023

Terming India as 'bright spot' in the global economy scenario, head of IT cell of the Bharatiya Janata Party (BJP) tweeted, "At 7.2% GDP growth rate for FY 2022-23, India is now the fastest growing major economy in the world and is rightly being called a ‘Bright Spot’."

As per latest NSO figures, released on 31st May 2023, India’s GDP growth for FY 2022-23 is 7.2%. The growth for Q4-FY 2023 is 6.1%.

At 7.2% GDP growth rate for FY 2022-23, India is now the fastest growing major economy in the world and is rightly being called a ‘Bright Spot’. pic.twitter.com/wlhaJ8cu5a

— Amit Malviya (@amitmalviya) May 31, 2023

On quarterly basis, India's economic expansion was recorded at 6.1 percent during the March 2023 quarter, while it was 4.5 percent in October-December and 6.2 percent in July-September 2022. The growth was 13.1 percent in April-June 2022, as per the data released by the National Statistical Office (NSO).

However, economists are holding on to their growth forecasts for FY24 despite a better-than-expected outturn in FY23. Most expect growth to be lower than RBI's projection of 6.5 percent for this fiscal year.