1st advance estimates: India's GDP to grow 7% in FY23

The government today said the Indian economy is estimated to witness a 7% growth in the current financial year compared with 8.7% in 2021-22. Nominal GDP in the current fiscal is estimated to grow at 15.4% this fiscal compared with 19.5% in the previous financial year.

"Real GDP or GDP at constant (2011-12) prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the provisional estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on 31st May, 2022. 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 programme implementation said in the first advance estimates of the national income, 2022-23 released short while back.

"Nominal GDP or GDP at current prices in the year 2022-23 is estimated at Rs 273.08 lakh crore, as against the provisional estimate of GDP for the year 2021-22 of Rs 236.65 lakh crore, released on 31st May, 2022. The growth in nominal GDP during 2022-23 is estimated at 15.4 per cent as compared to 19.5 per cent in 2021-22," said the release from the government.

The government's economic growth estimate for the fiscal is marginally higher than the Reserve Bank of India's projection of 6.8% GDP growth in the current fiscal. It may be noted that the World Bank too had pegged the Indian growth at 6.9% from its earlier projection of 6.5% for the fiscal. IMF, meanwhile expects the Indian economy to grow at 6.8% while also cautioning of a debt sustainability risk.