India’s economy showcased remarkable resilience as it recorded a higher-than-expected growth rate of 6.1 percent in the fourth quarter (Q4) of FY23, surpassing analysts’ predictions.
This robust expansion was primarily driven by the manufacturing and construction sectors, which outperformed expectations and reflected sustained domestic demand amidst a gloomy global economic outlook.
The encouraging Q4 performance led to an upward revision of the overall economic growth forecast for FY23, now pegged at 7.2 percent, compared to the previously estimated 7 percent.