Indian growth impressive, FY23 to surpass 7.2% in final estimate: CEA
ADVERTISEMENT
Chief Economic Advisor (CEA) V Anantha Nageswaran today said the Indian economy is growing quite impressively after the pandemic in 2020-21 and expressed optimism about the economy in the next 7 to 10 years. He also said with the momentum in the economy, the final estimate of FY23 economic growth will be higher than the 7.2% GDP growth rate declared by the government for the fiscal.
“The Indian economy is growing quite impressively after the pandemic in 2020-21. We are optimistic about the Indian economy in the next seven to ten years. Corporate and the financial sector will be an important contributors to the Indian growth story compared to the last decade. The government is facilitating economic activity through a commitment to fiscal growth,” CEA V Anantha Nageswaran today said during CII-Industry interaction on building a resilient economy.
August 2025
As India continues to be the world’s fastest-growing major economy, Fortune India presents its special issue on the nation’s Top 100 Billionaires. Curated in partnership with Waterfield Advisors, this year’s list reflects a slight decline in the number of dollar billionaires—from 185 to 182—even as the entry threshold for the Top 100 rose to ₹24,283 crore, up from ₹22,739 crore last year. From stalwarts like Mukesh Ambani, Gautam Adani, and the Mistry family, who continue to lead the list, to major gainers such as Sunil Mittal and Kumar Mangalam Birla, the issue goes beyond the numbers to explore the resilience, ambition, and strategic foresight that define India’s wealth creators. Read their compelling stories in the latest issue of Fortune India. On stands now.
Nageswaran expressed confidence that the economic growth numbers of FY23 will get revised upwards when the final estimates are released. “Earlier many people expected that FY23 would end with a growth of 6.7 – 6.8%, but the growth is at 7.2%. GDP data is revised six times. The final estimates for the year ending March 23 will come in Jan – Feb 2026. When that number comes out I am confident that this 7.2% will be even higher. That is the momentum in the economy. Almost all sectors of the economy are doing well,” said Nageswaran.
It may be noted that beating the expectations of timid growth in the fourth quarter of 2022-23, India’s GDP logged a 6.1% growth in Jan–March quarter of the fiscal. Most estimates pegged the Q4 FY23 growth rate in the ballpark of 5%. The GDP growth rate in the full year 2022-23 stood at 7.2% compared with 9.1% in 2021-22.
“Real GDP or GDP at Constant (2011-12) prices in the year 2022-23 is estimated to attain a level of ₹160.06 lakh crore, as against the first revised estimates of GDP for the year 2021-22 of ₹149.26 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.2% as compared to 9.1% in 2021-22,” said a release from the Ministry of Statistics.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.