India's GDP to grow at 7% in FY23: First Advance Estimates

 

National Statistical Office today released the First Advance Estimates of GDP growth for FY23

According to the first advance estimates released by the government on Friday evening, India's GDP (Gross Domestic Product) may grow by 7% in the financial year 2022-23. These figures are important ahead of the presentation of the General Budget in the Lok Sabha on February 1, 2023. India's GDP was projected to grow at 8.7% in the year ending March 31, 2022.

"The real GDP or GDP at constant (2011-12) prices in the year 2022-23 is estimated at ₹157.60 lakh crore, while the provisional estimate of GDP for the year 2021-22 was ₹147.36 lakh crore, which is 31 was released on May. The growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 8.7 per cent in 2021-22, the Ministry of Statistics and Program Implementation said in a statement.

Antoinette Sayh, Deputy Managing Director of the International Monetary Fund (IMF), today said India occupies a relatively "bright spot" in the world economy but there is a need to leverage its existing strength in service exports and expand it to employment-rich manufacturing exports. Needed.

"Macroeconomic policies are responding to significant headwinds, with fiscal policy measures supporting microgroups and monetary policy addressing persistently high inflation."

Last month, the Reserve Bank of India (RBI) cut the country's GDP growth forecast for the current fiscal to 6.8% from 7%, citing ongoing geopolitical tensions and tightening global financial conditions. The RBI had projected real GDP growth at 6.8% for 2022-23, 4.4% in the third quarter and 4.2% in the fourth quarter.

GDP growth in the second quarter of the fiscal had slowed down to 6.3% from 13.5% in the previous three months.

In April, the RBI had cut the GDP growth forecast to 7.2% from 7.8% earlier, and in September last year, cut it further to 7%.

IMF also cut India's growth forecast for FY23 to 6.8% from 7.4% projected in July 2022.

The World Bank, however, raised India's GDP forecast for the current fiscal to 6.9% from its earlier estimate of 6.5%.

The Asian Development Bank has kept India's growth forecast for 2022-23 unchanged at 7%.