India's Gross GDP Expected To Grow At 7 Per Cent in Current Fiscal Year
Indian economy grew at 4.4 per cent between October and December 2022 (Q3FY23), data released by the Ministry of Statistics and Programme Implementation (MoSPI). However, in the current financial year, India's gross domestic product (GDP) is expected to grow at 7 per cent. However, the estimates for FY22 have been revised upwards to 9.1 per cent. The growth in nominal GDP at current price during FY23 is estimated at 15.9 per cent as compared to 18.4 per cent in FY22. In the first Advance Estimates released in January too, MoSPI had estimated GDP growth in FY23 at 7 per cent, marginally higher than projections by the Reserve Bank of India (RBI) and World Bank at 6.8 per cent and 6.9 per cent, respectively. According to earlier estimates, in Q3FY22, the economy grew at 5.4 per cent. However in the quarter ending September (Q2FY23), the GDP growth was recorded 6.3 per cent. In a survey based on 41 professional forecasters, the RBI earlier this month pegged the GDP growth forecast for the third quarter at 4.6 per cent with a range of 4 to 6.9 per cent. However, RBI had itself projected the real GDP growth for FY23 at 6.8 per cent, with the third quarter and fourth quarter growth at 4.4 per cent and 4.2 per cent, respectively.
Tags : Indian economy data Ministry of Statistics and Programme Implementation GDP