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Govt data reveals India's GDP growth estimated to slip to 7 pc in 2022-23

The Indian economy is estimated to grow at 7 per cent in the 2022-23 fiscal, down from 8.7 per cent a year ago, mainly due poor performance of mining and manufacturing sectors. Read full report here.

Govt data reveals India GDP growth estimated to slip to 7 pc in 2022 23 gcw
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First Published Jan 6, 2023, 8:00 PM IST

The Indian economy is estimated to grow at 7 per cent in the 2022-23 fiscal, down from 8.7 per cent a year ago, mainly due poor performance of mining and manufacturing sectors. According to the National Statistical Office's (NSO) initial advance projections of national revenue,  the manufacturing sector output is estimated to decelerate to 1.6 per cent in the current fiscal from 9.9 per cent in 2021-22. Similarly, mining sector growth is estimated at 2.4 per cent in the current fiscal as against 11.5 per cent in 2021-22.

An NSO announcement stated that "Real GDP" or "Gross Domestic Product") at Constant (2011–12) Prices in the year 2022–23 is anticipated to be Rs. 157.60 lakh crore, as opposed to the Provisional Estimate of GDP for the year 2021–22 of Rs. 147.36 lakh crore, announced on May 31, 2022.

According to the report, real GDP growth is anticipated to slow to 7.0% in 2022–23 from 8.7% in 2021–22. The Reserve Bank of India's projected 6.8% GDP growth is somewhat lower than the NSO predictions.

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The provisional estimate of GDP for the year 2021–22 was Rs 236.65 lakh crore, whereas the nominal GDP or GDP at current prices is anticipated to be Rs 273.08 lakh crore in 2022–23.
Nominal GDP growth is predicted to be 15.4% in 2022–2023 compared to 19.5% in 2021–2022 growth.

In comparison to the 3 percent growth seen in the previous fiscal year, the agriculture industry is expected to rise by 3.5% in FY2022-23. According to estimates, the trade, lodging, transportation, communication, and services connected to broadcasting category will increase by 13.7% from 11.14% in 2021–2022.

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The category of financial, real estate, and professional services is anticipated to rise by 6.4% in the current fiscal year, up from 4.2% in 2022-23. Though growth in the construction industry is anticipated to slow from 11.5 to 9.1% from a year ago.

In a similar manner, growth in public administration, defence, and other services is predicted to slow this fiscal year from 12.6 percent to 7.9 percent. This fiscal year, the growth in gross value added (GVA) at base prices is predicted to be 6.7%, down from 8.1% in 2021–2022.

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(WITH PTI INPUTS)

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