India’s GDP growth in FY23 estimated at 7.2%

New Delhi/Chennai: India’s gross domestic product (GDP) growth for FY23 is estimated at 7.2 per cent, said the National Statistical Office (NSO), said the Ministry of Statistics and Programme Implementation.

According to NSO, the growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22.

The GDP growth during the fourth quarter of 2022-23 was at 6.1 per cent, NSO said.

The NSO said the GDP in the year 2022-23 is estimated to attain a level of Rs 160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22.

Similarly, the GDP in Q4 2022-23 is estimated at Rs 43.62 lakh crore, as against Rs 41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 percent, the NSO said.

It may be recalled that the Reserve Bank of India (RBI) Governor Shaktikanta Das at the recent annual conference of the Confederation of Indian Industry (CII) said there are chances of India’s gross domestic product (GDP) for FY23 crossing the estimated 7 per cent growth going by the trends.

Das was confident that India’s GDP growth rate for FY24 will remain at 6.5 per cent.

On the other hand, Madhavi Arora, Lead Economist, Emkay Global Financial Services recently said: “Growth in Q4 is expected to be driven by momentum in trade, hotel and transportation while government spending may have also picked up. There are nascent signs of consumption recovery, however it is still led by urban rather than rural. Besides, net export was less of a drag to growth amid lower trade deficit and higher services net exports. We see Q4 GDP at 5.1 per and and see FY23 at 7 per cent. However, we expect growth to slow to 5.7 per cent in FY24.”

With the growth rate for 2022-23 estimated to be 7.2 per cent, the government on Wednesday said that the risks to the GDP forecast of 6.5 per cent for the current fiscal (2023-24) are now more evenly balanced than a few months ago.

According to official data, India posted a GDP growth of 6.1 per cent in the January-March period of 2022-23 as against 4.4 per cent in the preceding quarter. For the entire 2022-23, the growth rate was estimated at 7.2 per cent, which is higher than the advanced estimates of 7 per cent, but lower compared to 9.1 per cent recorded in 2021-22.

Retail inflation was at an 18-month low of 4.7 per cent in April 2023.


PM Modi hails 2022-23 growth figures

New Delhi: With economic growth estimated at 7.2 per cent for 2022-23, more than the advanced estimates of 7 per cent, Prime Minister Narendra Modi on Wednesday expressed satisfaction over the GDP growth figures.

“The 2022-23 GDP growth figures underscore the resilience of the Indian economy amid global challenges,” he tweeted.

He added that “this robust performance along with overall optimism and compelling macro-economic indicators exemplify the promising trajectory of our economy and the tenacity of our people”.

Though the GDP growth of 7.2 per cent for 2022-23 is higher than the advanced estimates, it is much lower than the 9.1 per cent growth seen in 2021-22.

Image courtesy of File photo

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