- Nov 12, 2022
Indian economy is likely to grow at 7 per cent in the fiscal year ending March 31, 2023, the statistics office said on Friday.
The first advance estimates of national income for 2022-23 is significant because the data is used for preparing the Budget of the central government for next financial year of 2023-24.
Last month, the Reserve Bank of India had lowered the country's GDP (gross domestic product) 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.
The RBI had projected the real GDP growth for 2022-23 at 6.8 percent, with the third quarter at 4.4 per cent and the fourth at 4.2 per cent.
It had pared the growth projection for 2022-23 for the third time in December 2022.
Earlier this year, economists cut their projections for India's growth for this fiscal year to around the latest government projection, citing slowing exports and risks of high inflation crimping purchasing power.
Despite that, India is expected to remain the second-fastest growing economy –- lagging only Saudi Arabia -– among G20 countries, according to the Organisation of Economic Co-operation and Development (OECD)
India's GDP may grow 7.0% this fiscal, first advance estimates show
India's economy is expected to grow 7.0% in the current financial year, according to the first advance estimates by the National Statistical Office (NSO) released on Friday. New Delhi had pegged India's growth at 8.7% in the last fiscal year that ended March 31, 2022. The RBI had projected the...