Economists and experts hailed India’s ‘resilient growth’ with GDP growth for FY23 at 7.2 per cent and 6.1 per cent for the fourth quarter of the financial year, despite multiple global headwinds during the year arising from economic and geo-political uncertainties. “India’s economic growth was primarily driven by strong domestic macroeconomic fundamentals. Private consumption expenditure which comprises 61 per cent of the GDP estimates grew by 7.5 per cent, higher than the pre-pandemic five-year average of 6.9 per cent,” said Vivek Rathi, Director Research, Knight Frank India. The economic growth was driven by pickup in manufacturing activity, recovery in private investment and domestic consumption, government data showed. Private consumption, which showed a 2.8 per cent growth during Q4 and a 7.5 per cent growth in FY23, as a percentage of GDP stood at a 16-year high in 2022-23. Ritika Chhabra- Quant Macro Strategist – Prabhudas Lilladher PMS, meanwhile, said, “The Q4 growth number is a big surprise. However, a mere 2.8 per cent growth in private consumption expenditure indicates waning private sector demand, which is a concern.”