The Reserve Bank of India had lowered the GDP growth forecast for the current financial year to 6.8 per cent. (file)
New Delhi:
India’s GDP (Gross Domestic Product) for the fiscal year 2022-23 is likely to grow by 7 per cent, according to the second advance estimates released by the government today. As per the data released, the Q3 growth rate for 2022-23 eased to 4.4 per cent from 6.3 per cent in July-September.
In the September quarter, India’s economy had grown by 6.3 per cent on a year-on-year basis.
As per the First Advance Estimates released in January, the GDP growth rate for 2022-23 was pegged at 7 per cent.
The main difference between the two estimates is that the SAE (Second Advance Estimates) is calculated by including GDP data for Q3 (October to December).
The manufacturing segment shrank 1.1 per cent year-on-year in the quarter, its second straight contraction, reflecting weak consumer demand.
Real GDP or GDP at constant (2011-12) prices in the year 2022-23 is estimated to be Rs 159.71 lakh crore, while the first revised estimate of GDP for the year 2021-22 was Rs 149.26 lakh crore. Real GDP during 2022-23 is estimated to be 7.0 per cent as compared to 9.1 per cent in 2021-22,” the NSO said.
NSO (National Statistical Office) also revised 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 for the current fiscal to 6.8 per cent from the earlier 7 per cent due to ongoing geopolitical tensions and tightening global financial conditions. The 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 has projected an economic growth of 6.8 per cent.
(with inputs from agencies)