'GDP growth exemplifies tenacity of people amid global challenges': PM Modi lauds India's outstanding economic progress 

Lauding the Indian economy's exceptional growth in Q4 FY23, Prime Minister Narendra Modi said that the latest figures by National Statistical Office "underscore the resilience of the Indian economy amidst global challenges."India has outdone its own GDP projections in Quarter 4 of FY23 to reach a whopping 6.1 per cent as compared to the growth witnessed in Q3 which stood at 4.4 per cent.According to data released by the National Statistical Office, India’s economy will see an overall growth of 7.2 per cent in FY23.The country has witnessed steady growth among some of the fastest-growing economies including China and the US."This robust performance along with overall optimism and compelling macro-economic indicators, exemplify the promising trajectory of our economy and the tenacity of our people," PM Modi said.As per the data, the economy expanded 7.2 percent in 2022-23 against a 9.1 percent growth in 2021-22.The NSO in its second advance estimate of national accounts had pegged the country’s growth at 7 percent for 2022-23. According to the NSO data, the real GDP prices in 2022-23 are estimated to attain a level of Rs 160.06 lakh crore against the first revised estimates of GDP of Rs 149.26 lakh crore for 2021-22.According to the data released on Wednesday, India saw a growth of 6.1 per cent between January and March (Q4) while Indonesia, the second to follow, grew 4.8 per cent. Countries like China, Mexico, US and Japan grew by 4.5 per cent, 3.8 per cent, 1.6 per cent and 1.3 per cent respectively in the same period.The figures are almost in tune with predictions made by State Bank of India (SBI) which had called in at 7.1 per cent and World Bank which predicted a seven per cent growth for India.Private consumption, which accounts for nearly 60 per cent of the economy, grew 2.8 per cent on-year compared to 2.1 per cent in the previous quarter, while capital formation, an indicator of investment, rose 8.9 per cent on-year from a downward revised 8 per cent in the previous quarter.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.