Q4 GDP numbers spring a surprise, lift FY23 growth to 7.2%; India stays fastest-growing major economy

India’s economy grew by 7.2% in FY23, higher than previously predicted, due to strong growth in the last quarter. In that quarter, GDP rose by 6.1% YoY, while in the preceding two quarterly reports it had risen by 4.5% and 4.8% respectively. Despite concerns that private consumption was sluggish, with a rise of just 2.9%, an increase in government capital spending boosted gross fixed capital formation by 8.9%, and private consumption grew 7.5% in the past financial year.