India’s GDP (gross domestic product) may grow 7 per cent for financial year 2022-23, according to the second advance estimates released by the government today. The Q3 growth rate for 2022-23 slowed to 4.4 per cent from 6.3 per cent in July-September, according to the data released.
India’s economy had grown 6.3 per cent year-on-year in the September quarter.
As per the first advance estimates released in January, the GDP growth for 2022-23 was pegged at 7 per cent.
The key difference between the two estimates is that the SAEs (second advance estimates) are calculated by incorporating the GDP data for Q3 (October to December).
The manufacturing segment declined by 1.1 per cent year-on-year in the quarter, a second straight contraction, showing subdued consumer demand.
“Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 159.71 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 9.1 per cent in 2021-22,” the NSO said.
The NSO (National Statistical Office) also revised upward the economic growth for 2021-22 to 9.1 per cent from 8.7 per cent estimated earlier.
Earlier in December, the Reserve Bank of India had cut the GDP growth forecast to 6.8 per cent for the current fiscal from 7 per cent earlier, on account of continued geopolitical tensions and tightening of global financial conditions. RBI had cut the growth projection for 2022-23 for the third time in December last year.
The International Monetary Fund (IMF) has projected the economy to grow at 6.8 per cent in 2022-23 while the Asian Development Bank pegs economic growth at 6.8 per cent.
(With inputs from agencies)